Multiples Alternate Asset Management (Multiples PE), Canada Pension Plan Investment Board (CPPIB) and UK’s CDC have hiked stake in PVR Ltd, India’s largest multiplex chain, for Rs 85 crore ($12.4 million).
Multiples PE, two entities jointly owned by CPPIB, Dutch pension fund manager PGGM along with CDC have acquired an additional 2.6 per cent stake in the multiplex chain, according to a stock market disclosure.
The four investors owned 19.13 per cent stake in the company as of last quarter ended December 31, 2015.
Back in 2012, Multiples PE had invested Rs 153 crore ($22.3 million) in PVR for 15.8 per cent stake. L Capital had also put money in the round but later it completely exited the company after CPPIB’s investment in PVR.
Last year, the company announced that it has got its board’s approval to acquire cinema exhibition business of realtor DLF Ltd for Rs 500 crore ($72.8 million).
PVR, the largest and the most premium film and retail entertainment company in the country, has a presence in 44 cities with 491 screens.
Recently, the company partnered with New Delhi-based Ozone Networks Ltd, a Wi-Fi service provider, to offer free Wi-Fi at PVR properties.
Shares of PVR closed at Rs 680.65 each, up 4.04 per cent on BSE in a flat Mumbai market on Friday.
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