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Wednesday, November 28, 2012

    PVR confirms interest in Cinemax
Delhi-based multiplex major PVR Ltd has announced on Tuesday that it was in in talks with Cinemax for a possible takeover.
PVR informed the exchanges, “it is engaged in active discussions with the promoters of Cinemax India Limited for a potential purchase of their shares in Cinemax India Limited.
Similarly, Cinemax issued a statement, saying the company had been informed by its promoters that they were engaged in exclusive discussions with PVR Limited for a potential sale of their shares in the company.
Sources close to development said that Cinemax is expected to earn a revenue of Rs 450 crore in this fiscal and the valuation would be close to Rs 600-700 crore.
Cinemax, promoted by Kanakia Group, which has interest in real estate also, had recently demerged its exhibition and properties business into two different companies and listed the cinema exhibition business under Cinemax India Limited (CIL), as a precursor to a possible sale.
As on October 18, the promoters own 69.27 per cent stake in Cinemax.
The question that will remain in front of PVR is, if they go after Cinemax, they will have to trigger a open offer.
Cinemax India, operates 39 properties with 138 screens. One of the dominant players in Mumbai it operates 14 Locations with 45 screens in and around Mumbai. Out of Mumbai it has 25 properties and 93 screens.
At present, PVR currently operates 210 screens across India, including one IMAX in Bangalore. The company has aggressive plans to increase the count to 500 screens, Nitin Sood, CFO of PVR had told Business Standard in an interview.
Competitors Inox Leisure with Fame India, where it owns majority stake, has 256 screens, while Big Cinemas operates 254 screens in India.
Recently, Reliance Media & Entertainment Fund had also acquired 1.6 lakh shares in Cinemax India Ltd, for and aggregate sum of over Rs 1.22 crore. So will it also go for hostile bid? Answers a senior official of a multiplex chain, “It is unlikely that Reliance will go after Cinemax like it went after Fame. The promoter holding in Cinemax is way to high.”
Cinemax shares jumped 1.83 per cent on BSE to touch its new high and closed at Rs 175.50 on Tuesday. PVR shares, however, dropped 3.42 per cent to close at Rs 236.90 apiece.