PVR, Cinemax stocks rally on deal buzz

Stocks

oi-Sneha

By Sneha B K

Published: Friday, November 30, 2012, 10:15 [IST]

Shares of the PVR rose after the company said that it will acquire majority stake in Cinemax India Limited, which will make PVR largest multiplex operator in India.

The shares of the PVR surged by 7.40% to Rs 277 on BSE at 10.00 am IST.

The Cinemax India Ltd, the theater chain run by the Kanakia Group will be paid in cash of deal worth Rs 395 crore. The shares of the Cinemax rose by 2.58% to Rs 189 on BSE at 10.00 am IST.

"The company has been informed by its promoters that they have entered into a definitive sale agreement with PVR Limited (through its wholly-owned subsidiary Cine Hospitality Private Ltd) for sale of their entire stake of 69.27 per cent in Cinemax India Limited," Cinemax said in a filing to the BSE.

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