PVR Leisure to buy back L Capital’s stake1 min read . Updated: 30 Jan 2015, 02:05 PM IST
In August 2012, L Capital had invested through its wholly owned subsidiary L Capital Eco in PVR Leisure
Mumbai: India’s largest multiplex operator by screens PVR Ltd is buying back the entire investment in equity and preference shares of L Capital Asia, the third party private equity fund of LVMH Group, for an undisclosed amount, it said in a statement to the stock exchange.
PVR had then said that the fund will invest ₹ 50.1 crore to set up a joint venture with PVR, PVR Leisure. L Capital’s holding in the venture was around 44%, with PVR taking 51% and the remaining going towards management stock options.
PVR’s investment in the bowling-alley business PVR BluO Entertainment Ltd, a joint venture established in 2009 with Thailand-based Major Cineplex, was to be held through this subsidiary.
Indian multiplex business has been consolidating, with the top four companies acquiring newer assets. L Capital Asia still holds its 15.09% investment in PVR, in which it had invested in 2012 to back the latter’s acquisition of Cinemax India.
As on date, PVR owns 462 screens at 104 locations across 44 cities.