PVR has signed definitive agreements with funds managed by Multiple Alternate Asset Management (Multiples), under which the PE firm through its funds would subscribe 50 lakh equity shares of the multiplex chain operator for a 10.7 percent fully diluted stake, the company said in a statement.

The company's board today approved issuing the equity shares at a price of Rs 700 apiece on a preferential basis, it added.

The board has also convened an extra-ordinary general meeting on July 10 to seek shareholders' approval for the same.

Commenting on the development, PVR Managing Director Ajay Bijli said the partnership was testimony to the faith that Multiples PR team reposed in the business model, promoters and the management of PVR team.

Multiples Managing Director and CEO Renuka Ramnath said, "PVR is a unique success story built on the back of strong financial support and endorsement from the same investor."

Multiples has associated with PVR in the journey from less than 29 screen towards building 1,000 screens, Ramnath added.

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