INOX: PVR-INOX merger gets approval from BSE and NSE

multiplex operator PVR and said on Tuesday that they have received approval from the exchanges of NSE and BSE for their merger. “The Company has received observation letter with effect from 20th June, 2022 with ‘No Adverse Comments’ and with effect from 21st June, 2022 with ‘No Objection’. National Stock Exchange of India Ltd with respect to the scheme of amalgamation respectively,” PVR said in a regulatory filing.

This was also confirmed by inox Via a similar regulatory filing.

A ‘No Objection’ certificate from the Exchange is a mandatory step to obtain clearance from National Company Law Tribunal and other regulatory authorities for any scheme of amalgamation.

On March 27 this year, PVR and Leisure announced a merger deal to create the largest multiplex chain in the country, unlocking opportunities in Tier III, IV and V cities, apart from developed markets with a network of over 1,500 screens. to do.

The name of the combined entity will be PVR Inox Limited With the continuation of the branding of the existing screens as PVR and INOX respectively. The new cinemas opened after the merger will be branded as PVR INOX, the companies said on March 27.

As per the agreement, Inox will merge with PVR at a share-swap ratio of 3 shares of PVR for every 10 shares of Inox.

Post the merger, the promoters of Inox will become co-promoters in the merged entity along with the existing promoters of PVR.

It added that the promoters of PVR will hold 10.62 per cent while the promoters of Inox will hold 16.66 per cent in the combined entity.