One of the India’s largest Multiplex operator PVR Limited, has struck a deal with the Chennai based multiplex chain SPI Cinemas to acquire 71.69% stake in the company. The deal will be an all cash deal for Rs. 633 crore. The company has said that its board has approved the deal and the issuance of 222,711 equity shares of SPI will be conducted.

PVR Ltd. said in a statement that such inorganic growth will enable the company to expand its presence in South India and make a mark on the film exhibition industry there.

After the completion of acquisition of SPI Cinema, which is the largest operator of multiplex in South India, with provide PVR the means to become 7th largest multiplex chain in the world. PVR’s total screen count will increase to the number of 706 screens across 60 cities.

SPI Cinema has a presence in states of Andhra Pradesh, Tamil Nadu, Telangana, Karnataka and Kerala and consists of 76 screens across 10 cities.

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