India’s largest operator of multi-screen theatres, PVR Cinemas, is in fund-raising mode. The Ajay Bijli owned firm is looking to raise around Rs 300 crores via the rights issue route, at a time when the film exhibition business has been dealt a body blow due to the outbreak of Covid-19, multiple sources with knowledge of the matter told Moneycontrol.“PVR Cinemas has appointed Axis Capital as the merchant banker for the proposed rights issue,” a source told Moneycontrol.A second source said that the promoters of PVR Cinemas, along with the firm’s private equity investors Warburg Pincus and Multiples Alternate Asset Management are likely to participate in the issue. “The plan is to launch the rights issue in July,” shared a third source familiar with the fund raising plans.Based on PVR’s latest shareholding pattern, Warburg Pincus holds 12.74 percent stake and Multiples and its affliates hold 11.17 percent stake, while the promoters hold 18.54 percent stake.All the three individuals spoke to Moneycontrol on the condition of anonymity.Close In response to an email query from Moneycontrol.com, PVR Ltd, Axis Capital and Warburg Pincus declined to comment. Moneycontrol is awaiting responses from Multiples Private Equity and will update this article as soon as we hear from… Read full this story
- "AIDS is a Civil Rights Issue" Evening of Action with Rev. Al Sharp
- Warburg Pincus raises $2.3 billion for new financial services fund
- This new-to-Fresno chain restaurant plans to hire 200 workers. Here’s the latest
- Hogsett's plan to issue debt for road, bridge repairs draws some concern
- Rob Manfred says MLB plans to issue league-wide policy on fan behavior in 2018
- Obama’s Clean Power Plan Right for World’s Evolving Energy Needs
- House panel probing Planned Parenthood issues subpoenas to three other abortion providers
- Colin Kaepernick will continue sitting during national anthem to shed light on civil rights issues
- Schumer, Democrats say they'll vote against Sessions over civil rights issues
- Open enrollment: Is a high-deductible health insurance plan right for you?
Multiplex chain PVR planning rights issue; Warburg Pincus and Multiples PE may participate have 335 words, post on www.moneycontrol.com at May 22, 2020. This is cached page on Business Breaking News. If you want remove this page, please contact us.