PVR IPO to fund its expansion

Multiplex cinema operator PVR Ltd will hit the capital market with its initial public offer (IPO) of 77 lakh equity shares, having fixed a price band of Rs 200 to Rs 240 for its issue.

“The proceeds from the issue would be used to finance new cinema projects, expand film distribution business, technological upgradation and renovation of cinemas. The company plans to set up cinemas in Mumbai, Hyderabad, Delhi, Indore, Gurgaon, Lucknow, Chennai, Ludhiana, Aurangabad and Latur,” PVR Ltd managing director Ajjay Bijli said.

PVR, which has 10 cinemas with 39 screens, will be using the proceeds of the issue to increase the figure to 18 cinemas and 82 screens.