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PVR and INOX Leisure are inching closer to the creation of the largest multiplex chain in India.
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PVR and INOX Leisure are inching closer to the creation of the largest multiplex chain in India. They are all set to seek the approval of the shareholders and creditors in a crucial meeting scheduled for 11 October.
The meeting between the equity shareholders will be held through video conferencing at 11:30 a.m. Simultaneously, a physical meeting of secured creditors of the company will be held at the company's registered Mumbai office.
On March 22, both entities announced their plans to merge and that the merged entity would be called PVR Inox. However, the existing screens will continue to be branded as PVR and INOX. Only the new theatres opening up after the merger would be branded as PVR INOX.
The firms received merger clearance in June from the bourses since it is mandatory to get clearance from the NCLT and other regulatory authorities.
Since PVR is a bigger firm and has more premium multiplexes as compared to INOX, the boards of the companies decided that the shareholders of Inox Leisure would receive 3 stocks of PVR for every 10 stocks of Inox they hold.