NCLT approves PVR-INOX merger
PTI, Jan 13, 2023, 10:06 AM IST
Credit: iStock photo
The National Company Law Tribunal (NCLT) on Thursday approved the amalgamation of the country’s top two multiplex chains — PVR Limited and INOX Leisure.
The Mumbai bench of NCLT has cleared the scheme of amalgamation between INOX Leisure (transferor) and PVR (transferee company), PVR said in a regulatory filing.
“NCLT, Mumbai Bench, has allowed the proposed scheme today ie 12th January 2023,” it said.
According to the filing, a copy of the detailed order is awaited and the same shall be disclosed as and when received by the company.
In October 2022, PVR received the nod from its shareholders for the merger with rival INOX Leisure.
Leading bourses NSE and BSE granted their approvals for the merger in June 2022.
In March last year, PVR and INOX Leisure announced the merger.
“We believe, the PVR-INOX (INOL) merger, if it materialises in the near term, may trigger multiple synergies immediately, in the form of advertising revenues and convenience fee for the merged entity, which should directly improve overall profitability,” Elara Capital said in a report.
Other synergies such as reduced rental costs and corporate overheads may also ensue in the medium to long term, it added.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Elon Musk says India visit delayed due to Tesla obligations
Stock markets stage strong rebound after 4 days of slump, Sensex rallies 599 pts
PHF Leasing Limited raises $10 Mn through a mix of equity and debt
CCPA asks FSSAI to probe claim of Nestle adding sugar to baby products
Markets tank in early trade as Middle East tensions flare-up
MUST WATCH
Latest Additions
Neha murder case: Sumalatha Ambareesh expresses concern
Never dreamt of getting Vadodara LS poll ticket: BJP’s youngest candidate in Gujarat; eyes big win
PM Modi running ‘school of corruption’, says Rahul Gandhi
Elon Musk says India visit delayed due to Tesla obligations
Udupi Sri Krishna Matha: Sundarakanda Pravachana inaugurated