PVR to sell Delhi multiplex property for `52 crore1 min read . Updated: 18 Oct 2013, 07:17 PM IST
PVR will continue to operate the property where it houses its multiplex Anupam by leasing it from the buyer
Mumbai: PVR Ltd, a media and entertainment company, is selling its oldest multiplex property in Delhi for ₹ 52 crore and will use the money to fund its expansion and future projects, it said in a statement on Friday.
PVR will continue to operate the property where it houses its multiplex called ‘Anupam’ by leasing it from the buyer. Anupam, India’s first multiplex, was opened in 1997 in Saket, New Delhi.
The sale will enable PVR to improve its profitability and focus on its core business of operating and managing multiplex properties, the company said. PVR is the country’s largest cinema operator with 382 screens and is present in all major cities.
Shares of PVR were trading 2.1% higher at ₹ 495 each on BSE at about 1:15pm, while the Sensex was at 20,781.59 points, up 1.79%.