19 Sep 2017
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PVR launches multiplex at Bhopal

MUMBAI: Cinema exhibition company PVR Ltd has announced the launch of a new multiplex in Bhopal.

The company has launched a three-screen multiplex theatre in the state of Madhya Pradesh with its latest sound and projection system.

With the launch of this multiplex, PVR’s total screen count goes up to 457 screens across 44 cities in 14 states.

PVR states that the launch is a part of its organic growth strategy of pan India expansion.

Part of its expansion strategy is to also ride on the consolidation wave. Earlier this week, TelevisionPost.com reported that PVR Cinemas is in advanced stage of negotiations to acquire Chennai’s movie exhibition company SPI Cinemas, popularly known as Sathyam Cinemas.

The deal could be valued at close to Rs 1,000 crore (Rs 10 billion). The transaction would include land.

Incidentally, PVR has got the board approval to raise up to Rs 500 crore through qualified institutional placement (QIP). The company is also looking to issue non-convertible debentures (NCDs) not exceeding Rs 500 crore (Rs 5 billion).