Multiplex companies INOX Leisure Ltd and PVR Ltd have announced the merger of their two companies. Inox will have a 16.66% stake in the new firm and PVR will have a 10.62% stake. After the formalities of the merger, the company will be known as PVR Inox Limited. Ajay Bijli will be Managing Director of PVR Inox Limited, Sanjeev Kumar will be executive director and Pavan Kumar Jain will be non-executive chairman of the consolidated board.
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The merger is subject to approval by the Securities and Exchange Board of India (SEBI), stock exchanges, and other regulatory approvals as required. Merger to bring together two of India’s best cinema brands to deliver an unparalleled consumer experience with a network of 1,546 screens across 341 properties in 109 cities.
Important takeaways for all competitive exams:
- PVR Cinemas Founded: June 1997;
- PVR Cinemas Headquarters: Gurugram;
- PVR Cinemas Founder & CEO: Ajay Bijli.