Almost 2% of PVR Inox is sold by two PE funds in bulk transactions

18 Dec 2023 , 03:15 PM

Through an affiliate, Plenty Private Equity Fund sold a 2.1% share in PVR Inox, the top multiplex chain, in a bulk transaction on Friday. At a price of Rs 1,753 per share, the purchase was valued at Rs 366 crore.

Prominent financial institutions such as Morgan Stanley, HDFC MF, Government of Singapore, Citigroup, and the IMF have acquired a share in the deal.

In the meantime, 1.99 lakh shares of the firm were sold by Multiples Private Equity fund for Rs 1,753 in a separate transaction.

Public shareholders own 72% of PVR Inox, with promoters holding the remaining 27.8%. Mutual funds possess a sizable 32% of the shares held by the public, while overseas investors own 22.1%.

The company’s shares traded at Rs 1,815 on the NSE on Monday, up 2.22%. The stock has given investors profits of 22% so far this year.

PVR Inox reported a combined net profit of Rs 166 crore for the most recent quarter, compared to a loss of Rs 71 crore for the same period last year.

During the quarter, operating revenue increased by 191% to Rs 2,000 crore.

Analysts, however, think that the Cricket World Cup was the reason behind the company’s poor performance in the initial part of the third quarter. Furthermore, the Hollywood material pipeline was inadequate due to the impact of the screenwriters strike.

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