PVR to Buy Majority Stake in Cinemax for ₹3.95 billion

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November 29, 2012 9:13 PM EST

Cinemax India Ltd, a theatre chain operator, said its controlling shareholders will sell a 69.27 percent stake in the company to local rival PVR Ltd for ₹3.95 billion.

PVR will buy the stake for 203.65 rupees a share, a premium of 16 percent to Cinemax stock's close on Wednesday.

Separately, PVR said it would buy up to 26 percent more of Cinemax shares from public shareholders through a mandatory open offer. The price of the offer was not immediately known. 

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Copyright 2012 Thomson Reuters. All rights reserved.

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