PVR Ltd. and INOX Leisure Ltd. informed bourses on Tuesday that the amalgamation of the two companies was completed on February 6. The two companies have set February 17 as the record date for the purpose of allotting equity shares of the merged entity to shareholders of INOX Leisure Ltd.
The National Company Law Tribunal granted its approval for the merger of the multiplex operators on January 12. With the merger, the new entity would become the largest multiplex operator in the country with over 1,500 screens in its network.
Under the amalgamation scheme, the share-swap ratio has been set at three shares of PVR for 10 shares of INOX Leisure. Investors of INOX Leisure will receive three shares of PVR for every 10 shares of INOX Leisure that they hold as of February 17, the record date.
Shares of PVR ended unchanged at Rs 1,682, while those of INOX Leisure ended nearly 1 percent higher at Rs 501.50.
