Warburg Pincus acquires nearly 14% stake in PVR for Rs 820 crore
"The Indian multiplex industry is at a cusp of rapid transformation and at the next level of growth driven by consumer demand and experience, convenience and technology. We are delighted to welcome Warburg Pincus as an investor as we continue to accelerate our long term development and expansion," PVR Chairman and Managing Director Ajay Bijli said.
Private equity player Warburg Pincus today said it has acquired around 14% stake in multiplex chain PVR for approximately Rs 820 crore.
"Affiliates of Warburg Pincus have acquired an equity stake of approximately 14% in PVR, India's largest film and retail entertainment company for approximately Rs 820 crore," it said in a statement.
The stake is being acquired from affiliates of private equity firm Multiples, who will remain a long term investor with a 14% equity stake and the current promoters who will continue to drive the business and remain the largest shareholders with a shareholding greater than 20%, it added.
"The Indian multiplex industry is at a cusp of rapid transformation and at the next level of growth driven by consumer demand and experience, convenience and technology. We are delighted to welcome Warburg Pincus as an investor as we continue to accelerate our long term development and expansion. The firm's global network, and experience will be invaluable to us as we go forward," PVR Chairman and Managing Director Ajay Bijli said.
PVR currently operates a cinema circuit comprising 562 screens in 122 properties in 48 cities pan India.
"Warburg Pincus is excited to invest in PVR, and has been impressed by Ajay's passion and continued commitment to the business. The Indian film and entertainment market is expanding rapidly and we look forward to supporting Ajay and the entire management team during the next phase of growth," Warburg Pincus India Managing Director and Co-Head Vishal Mahadevia said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
04:32 PM IST