The new multiplex will have 2 screens and a total of 592 seats.
INOX Leisure is now present in 74 cities with 170 Multiplexes, 722 screens, and a total seating capacity of 1,60,339 seats across India.
In October, 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.
As per the agreement, INOX will merge with PVR in a share-swap ratio of three shares of PVR for every 10 shares of INOX.
The combined entity will be named PVR INOX Ltd. with the branding of existing screens to continue as PVR and INOX, respectively. New cinemas opened post the merger will be branded as PVR INOX.
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.
Earlier this month, the Mumbai Bench of the National Company Law Tribunal approved the merger of both companies.
Shares of Inox Leisure ended 0.38 percent higher at Rs 494 on Thursday.
