Inox Leisure starts commercial operations at new multiplex theatre in Mysuru

Inox Leisure Ltd. on Friday announced that it has started commercial operations of a multiplex cinema theatre taken on a lease basis located at Bengaluru – Nilgiri Road area of Mysuru.

This multiplex theatre has 4 screens and 474 seats. With this addition, Inox is now present in 74 cities with 167 multiplexes, 712 screens, and a total seating capacity of 1.58 lakh seats across India.

After the announcement, Inox Leisure shares rose to hit an intra-day high of Rs 545 on the BSE. The stock counter also saw a spurt in trading volumes, with the number of shares changing hands on BSE jumping by more than 1.9 times.

Notably, the Inox Leisure stock has risen over 8 percent in the last month and over 54 percent year-to-date.

Last month, PVR Ltd. shareholders approved the company’s merger with Inox Leisure. The boards of both companies had already approved an all-stock merger to create a film exhibition entity with a network of more than 1,500 screens.

Following the merger, promoters of Inox Leisure will hold a 16.66 percent stake in the new company, while the founders of PVR will hold a 10.62 percent stake. Ajay Bijli, Chairman and Managing Director of PVR, will serve as Managing Director and Sanjeev Kumar Bijli will be the Executive Director of the combined company.

The Competition Commission of India (CCI) had also last month dismissed a complaint made against the PVR-Inox merger by the non-profit group Consumer Unity and Trust Society (CUTS) in August. CUTS alleged that the deal would have anti-competitive effects on the film exhibition industry.

The Inox Leisure stock is currently trading at Rs 540, up 2.10 percent.