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Deal comes to an end

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Sources at www.propertykhazana.com reports that, Multiplex operator PVR and realty chief DLF have agreed to close the deal relating the auction of the cinema expo business of DT Cinemas Ltd. – a DLF group firm. The deal has been cancelled as DLF may not meet the terms of the deal, but the parties might consider the deal again if the market recovers. DLF officers ratified to the development but refused to gratify more data on the issue and DLF’s share rate has dropped, as the conglomerates proclaimed that deal, when the PVR stock went high. DLF had sold cinema business of DT Cinemas to PVR for about Rs. 25 Crores in cash and 3 Million equity shares of PVR. But, the matter of shares was delayed because DT Cinemas did not obey with such issues required to conclude the deal.
PVR senior official said to www.propertykhazana.com that, Companies had decided to expand the time for meeting the conditions, but now decided to end the deal. PVR will have the elite multiplex anchor occupant for all present and future retail malls of the developer. DT Cinemas has portfolio of about 28-29 screens, of which 25-26 screens are presently ready in different DLF malls in North India, DLF possesses and runs expensive malls in North India. Before DLF had said that, to create properties it will sell its wind power business for about Rs. 1000 Crores and leave Delhi Convection Centre for about Rs. 900 Crores.
Source: NBTVLIVE

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