PVR-Inox merger: Record date for share allotment to Inox shareholders announced
1 min read . Updated: 07 Feb 2023, 02:02 PM IST
Premium- In October 2022, PVR received the nod from its shareholders for the merger with rival INOX Leisure
PVR on Tuesday informed that the Scheme of Amalgamation between INOX Leisure Limited and PVR Limited and their respective shareholders and creditors has become effective upon filing of the certified copy of the Order passed by the National Company Law Tribunal, Mumbai Bench sanctioning the Scheme, with the Registrar of Companies, Mumbai (MCA website) on February 6, 2023 from the Appointed Date of 1st January 2023.
“In addition to the above, in terms of Regulation 42 of SEBI LODR read with the Scheme, and pursuant to power delegated by Board of Directors of INOX Leisure Limited, the “ILL Committee of Board of Directors for Operations" of INOX Leisure Limited in mutual agreement with the Company have fixed February 17, 2023 as the ‘Record Date’ for the purpose of determining the shareholders of INOX Leisure Limited to whom equity shares of the Company would be allotted, pursuant to the Scheme," the multiplex operator informed in the exchange filing.
In early January, the National Company Law Tribunal (NCLT) approved the amalgamation of the country's top two multiplex chains, PVR Limited and INOX Leisure. The Mumbai bench of NCLT has cleared the scheme of amalgamation between INOX Leisure (transferor) and PVR (transferee company). In October 2022, PVR received the nod from its shareholders for the merger with rival INOX Leisure.
In March last year, PVR and Inox Leisure announced the merger to create the largest multiplex chain in the country with a network of more than 1,500 screens to unlock the opportunities in tier III, IV and V cities, besides in the developed markets. The combined entity will be named PVR INOX Ltd with the branding of existing screens to continue as PVR and INOX. Leading bourses NSE and BSE granted their approvals for the merger in June 2022.
Shares of PVR were trading almost flat in Tuesday's afternoon deals on the BSE to ₹1,680 apiece whereas that of Inox Leisure Ltd rose marginally to ₹497.
