Shares of PVR surged on Wednesday after the company said that the Board of Directors has approved acquisition of the cinema exhibition business of DLF Utilities Limited.

Accordingly, PVR Limited executed definitive agreements with DLF Utilities Limited to acquire its cinema exhibition business, which is operated under the brand name of "DT Cinemas", on slump sale basis for an aggregate consideration of Rs. 500 (Five hundred) Crores approx, the company said in the BSE statement.

The proposed transaction will be subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent, added further.

As a result of the proposed acquisition, PVR will have a presence in 44 cities with 115 multiplexes and 506 screens.

The company shares were seen trading at Rs 672 higher by Rs 6.50 on BSE at 11.20 AM IST. It touched an intra-day high of Rs 703 during the trade.

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