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PVR buys out JP Morgan, Advantage Fund from group firm

PVR buys out JP Morgan, Advantage Fund from group firm
PTI
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First Published: Tue, Jul 05 2011. 09 23 PM IST
Updated: Tue, Jul 05 2011. 09 23 PM IST
New Delhi: PVR Ltd on Tuesday said it has bought out JP Morgan Mauritius Holdings and India Advantage Fund from a group firm, PVR Pictures for an undisclosed amount as it looks to focus on cinema exhibition while going slow on production business.
The company has acquired 40 per stake held by JP Morgan Mauritius Holding and ICICI Venture’s India Advantage Fund in equal proportion.
“PVR has decided to focus aggressively on the cinema exhibition business and go slow on the production business for the next couple of years. So the company wanted to have 100% control over PVR Pictures and keep it as a wholly- owned subsidiary,” PVR Ltd CFO Nitin Sood told PTI.
When asked about the deal value Sood did not disclose the exact numbers but said: “We have used a large part of cash lying with the company to fund this deal.”
The movies co-produced by PVR Pictures include Taare Zameen Par, Jaane Tu Ya Jaane Na, Contract and Mere Khwabon Mein Jo Aaye.
Apart from the movies co-produced, some of the other movies distributed by us include Ghajini, Golmaal Returns, Sarkar Raj, Aviator, Chicago, and Don.
The company’s scrips closed at Rs 103.50 per share, up 0.83% from the previous close on the Bombay Stock Exchange.
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First Published: Tue, Jul 05 2011. 09 23 PM IST