PVR to Buy Majority Stake in Cinemax for ₹3.95 billion
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.