PVR shares fall nearly 3% after investors offload 9% equity

Shares of multiplex chain operator PVR dipped by nearly 3 percent after investors offloaded 9 percent stake in the company via a  block deal on Thursday, September 15.

Sources told CNBC-TV18 that the investors who sold the stake in the company are Multiples PE, Grey Birch, Plenty PE and Berry Invt.

Around 55 lakh shares, worth Rs 1,040.5 crore, changed hands at an average of Rs 1,892 per share.

At 9:34 am, shares of PVR were trading at Rs 1,873, a decline of 2.8 percent from the previous close on the BSE. The stock has fallen after three days of consecutive gains.

The stock had been gaining after massive earnings from the movie Brahmastra. The stock also got steam after the Competition Commission of India (CCI) rejected a complaint against the proposed merger of PVR and INOX Leisure, saying apprehension of the likelihood of anti-competitive practices by an entity cannot be a subject of a probe.

The CCI complaint by CUTS, filed on July 27, alleged that the PVR-Inox agreement would not have qualified for an exemption from the necessary merger review by the regulator if it weren't for COVID-19 lockdowns. The group waits to hear from the CCI.

The two companies' boards — the country's largest multiplex chain operators — approved an all-stock merger to create a film exhibition entity with a network of more than 1,500 screens.

Shares of INOX Leisure are too down by 2.52 percent and are trading at Rs 2.52 on the BSE.