PVR plans to raise up to ?800 cr via QIP route

PVR

Mumbai: India’s largest multiplex chain operator PVR Ltd on Wednesday launched a qualified institutional placement (QIP) offering, aiming to raise as much as ?800 crore by selling shares to institutional investors.

This is the second equity fundraise by the multiplex operator since the covid-19 pandemic shut down movie theatres for more than six months.

In July, PVR raised ?300 crore from existing shareholders through a rights issue. Rival Inox Leisure Ltd raised ?250 crore through a QIP in November.

PVR set a floor price of ?1,495.93 per share for its latest fundraise, based on a regulatory formula for such share sales.

According to a person aware of the plans, PVR is looking to sell shares in a price range of ?1,422-1,440, a discount of 3.81-2.59% to its closing price of ?1,478 per share on the NSE on Wednesday.

“Our company proposes to utilize the net proceeds for (i) pre-payment and/or repayment of outstanding borrowings along with interest, (ii) ongoing capital expenditure, (iii) funding suitable organic and inorganic growth opportunities, including by way of investment in our subsidiaries, (iv) meeting short term & long term working capital requirements,” PVR said in a filing with the stock exchanges.

News Source:- livemint

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