PVR completes acquisition of 71.6 per cent stake in SPI Cinemas

SPI Cinemas operates 76 screens across 17 properties in 10 cities under several brands such as Sathyam, Escape, Palazzo, The Cinema and S2 Cinema. It reported a revenue of Rs 309.6 crore in FY 2017-18.

“PVR Ltd has completed the acquisition of 71.69% of the paid share capital of SPI involving the acquisition of 1,91,534 equity shares constituting 61.65% of the paid-up share capital of SPI from SS Theatres LLP and 31,177 equity shares consisting 10.04% of the paid-up share capital of SPI from SV Swaroop Reddy....,” PVR said in a regulatory filing.

Last week, PVR had announced to acquire 71.69% stake in SPI Cinemas for about Rs 633 crore, in an all-cash deal.