ANI
22 Jun 2022, 09:57 GMT+10
New Delhi [India], June 22 (ANI): Multiplex companies PVR and Inox Leisure said the two entities have received approval from the BSE and the NSE for their proposed scheme of amalgamation or merger.
Both the companies announced this development via regulatory filings to the stock exchanges late on Tuesday evening.
"...we would like to inform you that the Company has received observation letter with "no adverse observations" dated 20th June, 2022 from BSE Limited and observation letter with "no objection" dated 21st June, 2022 from National Stock Exchange of lndia Limited respectively in relation to the Scheme of Amalgamation," the filing to the exchanges said.
In late March, the two film exhibition companies announced their merger plan to "deliver unparalleled movie-going experience" to the audience.
The combined entity will be named PVR INOX with the branding of existing screens to continue as PVR and INOX, respectively.
Post the merger, PVR Promoters will have a 10.62 per cent stake while INOX Promoters will have a 16.66 per cent stake in the combined entity, it had said while announcing the proposed merger.
With PVR currently operating 871 screens across 181 properties in 73 cities and INOX operating 675 screens across 160 properties in 72 cities, the combined entity will become the largest film exhibition company in India operating 1546 screens across 341 properties across 109 cities.
"The partnership of these two brands will put consumers at the center of its vision and deliver an unparalleled movie-going experience to them. The film exhibition sector has been one of the worst impacted sectors on account of the pandemic and creating scale to achieve efficiencies is critical for the long term survival of the business and fight the onslaught of digital OTT platforms," Ajay Bijli, Chairman and Managing Director of PVR, had said.
Ajay Bijli would be appointed as the Managing Director and Sanjeev Kumar would be appointed as the Executive Director. Pavan Kumar Jain would be appointed as the Non- Executive Chairman of the Board. Siddharth Jain would be appointed as Non-Executive Non-Independent Director in the combined entity. (ANI)Get a daily dose of Milwaukee Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Milwaukee Sun.
More InformationDHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
(Photo credit: Jeff Hanisch-Imagn Images) Hard-throwing rookie Jacob Misiorowski recovered from a leadoff home run by Shohei Ohtani...
(Photo credit: Albert Cesare/The Enquirer / USA TODAY NETWORK) The Los Angeles Dodgers recalled Alexis Diaz, the former All-Star...
(Photo credit: Joe Camporeale-Imagn Images) The Los Angeles Clippers are emerging as the favorite to land Bradley Beal once the guard...
(Photo credit: Brad Rempel-Imagn Images) On Saturday, the hope was that Rhys Hoskins would sit for only a few days with a thumb injury....
(Photo credit: Charles LeClaire-Imagn Images) Pittsburgh Pirates center fielder Oneil Cruz accepted an invitation on Tuesday to compete...
(Photo credit: Thomas Shea-Imagn Images) Brayan Rocchio lined a go-ahead, two-run double into the left field corner with two outs...