The mega deal in which the DT Cinemas which was acquired by PVR has run into rough weather. There is tremendous misunderstanding between the two luminaries. According to the sources at www.propertykhazana.com, the obstruction took place when PVR is not offering the shares on a regular basis to DLF on or before due dates.
PVR which is a pioneer in entertainment industry, informed that the shares will be distributed taking into the account various stipulations. PVR and DLF were talking diplomatic and acted as if there are no hurdles. Speaking to www.propertykhazana.com the Chairman and MD of PVR Cinemas, who pioneered the movement in the year 1997.
On a short note with www.propertykhazana.com, DLF reacted quickly and said, “The information is not correct and it is distorted”. DLF, which entered into the business of setting up malls in the year 2003. As per the deals which was signed PVR will pay approx INR 21 Crores and the offer of approx INR 26 Lakhs fresh shares, to the DLF. These shares will be also estimated around INR 41 Crores at INR 170 per shares.
However, the PVR shares are trading at 21% and higher and it is already closing at approx, INR 200 on the Mumbai Stock Exchange this Friday. The value of all the shares which is allotted to DLF will be more than approx INR 50 Crores which will push up the cost of the dealings by more than approx INR 71 Crores. This is due to war of words between the two. The business dealings are expected to be closed by January 1, 2010.
The acquiring of these deals will help PVR to improve the presence in North India where the DT Cinemas has got approx 27 screens across six to seven locations. Furthermore, it will also play a vital role to provide entry to various movie palaces in various cities which is brought by the DLF group. PVR has got 109 screens in 27 multiplexes across various nations and has got the plans to improve the business to a staggering 170 screens approx by the end of this year. For more updates, please visit the website www.propertykhazana.com.
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