Shares of India's largest multiplex operator PVR Inox are currently trading with gains after the company had a large block deal take place pre-market open.
About 2.33% equity of the company or nearly 22.87 lakh shares exchanged hands in the block deal. Buyers and sellers in the transaction are currently unknown.
The offer price for the sale stood at ₹1,753 per share, which is a 2% discount to the last traded price of ₹1790.7. The transaction is valued at nearly ₹401 crore.
CNBC-TV18 on Thursday reported that Plenty Private Group and Multiples Private Group will likely divest a combined 2.33% stake in PVR Inox.
Kotak Securities has been enlisted as the banker for the deal, the report said.
The multiplex chain operator recorded a profit of ₹166 crore in the July to September quarter as against a loss of ₹82 crore in the preceding quarter.
The company’s revenue for the second quarter of the fiscal rose over 53% sequentially to ₹1,999.9 crore, beating the Street estimate of ₹1,874 crore.
PVR-Inox Ltd was created after the merger of two leading cinema brands PVR Ltd and Inox Leisure. The merger was effective from February 6 this year. Overall, including its property in Colombo, it operates 1,711 screens at 359 properties across 114 cities in India and Sri Lanka.
The stock gained 2% to hit a 52-week high of ₹1,805 apiece on the NSE today. At 9:28 am, the scrip was trading 1.06% higher at ₹1,788.55. In the last six months, PVR INOX shares have rallied 20%.
First Published: Dec 15, 2023 9:38 AM IST
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