India’s Multiplex Leaders PVR and Inox to Merge, Following COVID Impact
Patrick Frater Asia Bureau ChiefTwo of India’s top three multiplex operators PVR and Inox Leisure are to merge creating a clear market leader in the sector.Inox shareholders will receive three new PVR shares for every ten Inox Shares they currently hold – there is no cash component or cash alternative – but the founding families (known in India as ‘promoters’) will gain equal representation on the new board of directors at the new PVR Inox Limited.The deal, which has the approval of both company’s directors and both sets of promoters, is subject to the approval of general shareholders, industry regulators and the stock market authorities. No timetable was indicated.PVR’s Ajay Bijli is to be appointed as MD of PVR Inox, while Inox’s Pavan Kumar Jain is to be its non-executive chairman.