Multiplex major PVR
shot up to a 5-year high of Rs 341.10 on Tuesday and has been rising
for the fourth consecutive session, especially after the company entered
into a definitive agreement with Cinemax India (which operates 39 properties with 138 screens) to buy up to 95.27 percent stake in the company for Rs 543 crore.
The stock gained 44 percent in four days as the company will buy promoters' 69.27 percent stake in Cinemax for about Rs 395 crore and Further, its board has also approved purchase of up to 26 percent in Cinemax via an open offer to public shareholders.
The stock gained 44 percent in four days as the company will buy promoters' 69.27 percent stake in Cinemax for about Rs 395 crore and Further, its board has also approved purchase of up to 26 percent in Cinemax via an open offer to public shareholders.
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