Shares of PVR and Cinemax witnessed heavy buying on the bourses after the board of PVR approved the purchase of entire 69.27 per cent stake from the promoters of Cinemax India at Rs. 203.65 a share for a total consideration of Rs. 395 crore.
While PVR ended 18.11 per cent higher at Rs. 301.70, the shares of Cinemax India registered a new high of Rs. 190.55 (up 3.42 per cent). On Thursday,
PVR announced a mandatory open offer to the shareholders of Cinemax India for acquisition of up to 72.80 lakh equity shares of face value of Rs. 5 each at Rs. 203.65 per share, representing 26 per cent of the fully diluted equity share capital of Cinemax India.