PVR to Buy Majority Stake in Cinemax for ₹3.95 billion

November 29, 2012 10:13 AM GMT

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(Photo: Reuters)<br>People buy tickets at a counter in a multiplex movie theatre in Mumbai November 22, 2008.
(Photo: Reuters)
People buy tickets at a counter in a multiplex movie theatre in Mumbai November 22, 2008.

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Cinemax India Ltd, a theatre chain operator, said its controlling shareholders will sell a 69.27 percent stake in the company to local rival PVR Ltd for ₹3.95 billion.

PVR will buy the stake for 203.65 rupees a share, a premium of 16 percent to Cinemax stock's close on Wednesday.

Separately, PVR said it would buy up to 26 percent more of Cinemax shares from public shareholders through a mandatory open offer. The price of the offer was not immediately known. 

Copyright 2012 Thomson Reuters. All rights reserved.
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