PVR announces SPI Cinemas acquisition for Rs 633 Cr

Leading multiplex chain PVR Ltd is all set to own SPI Cinemas Private Ltd, a South Indian exhibitor company.  SPI Cinemas has got at least 76 screens in 10 cities spread across Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Kerala, and Mumbai.  These are now going to be PVR’s, which now becomes the world’s 7th largest theatre network.  In the next 5 years, 100 more screens will come up.  

PVR will acquire 222,711 equity shares of SPI Cinemas.  It will own 71.7 percent of the company by shelling of Rs 6.33 billion.  It will also issue 1.6 million equity shares as it’s a cash plus stock acquisition. 

With the high-profile acquisition, PVR will now own SPI’s 31 Chennai screens, which includes the iconic Sathyam Cinema.