PVR INOX and Devyani International Form Joint Venture for Food Courts

On July 27, 2024, PVR INOX Limited informed via a stock exchange filing that they had formed ‘Devyani PVR INOX Private Limited’ in partnership with Devyani International Limited. This company will focus on developing and operating food courts in shopping malls across India.

PVR INOX Limited and Devyani International Limited will hold shares in Devyani PVR INOX in a 49:51 ratio, respectively. The initial share subscription by PVR INOX Limited does not fall under Related Party Transactions. Devyani PVR INOX is an associate company of PVR INOX Limited, and the promoter, promoter group, and group companies of PVR INOX Limited have no interest in Devyani PVR INOX.

Purpose and Impact of the Acquisition

The acquisition aims to leverage opportunities within shopping malls across India, with a focus on the long-term development and operation of food courts.

Consideration Details

The acquisition involves a cash consideration. The initial subscribed capital of Devyani PVR INOX is ₹1,00,000, with PVR INOX Limited contributing ₹49,000 by subscribing to 4,900 equity shares at ₹10 each. The cost of acquisition is the initial subscription of 4,900 equity shares at ₹10 each. PVR INOX Limited holds 49% of the shares, while Devyani International Limited holds 51%.

About Devyani PVR INOX Private Limited

Devyani PVR INOX was incorporated in India on July 26, 2024. It will develop and operate food courts in shopping malls across the country. Devyani PVR INOX operates in the restaurant and food court sector, focusing on food and beverage outlets within shopping malls in India. It has an authorised capital of ₹10,00,000, divided into 1,00,000 equity shares of ₹10 each.

About PVR INOX Ltd

PVR Ltd is a leading entertainment and media company that was founded in 1997. PVR Ltd operates in several areas, including cinema exhibitions, film distribution, film production, and related businesses. It is the largest and most premium film and retail entertainment company in India and is the market leader in the cinema exhibition industry, with a presence in 53 cities across the country. The company offers a variety of products and services, such as movie tickets, food and beverages, merchandise, gaming, and other entertainment options.

On July 29, 2024, PVR INOX Ltd’s share price opened at ₹1,493.85, touching the high of ₹1,537.25 as of 09:31 AM on the NSE.

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