India: Multiples PE, CDC & Canada Pension Plan Investment Board hike stake in PVR for $12m

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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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.