Multiplex operator PVR Ltd today said it had bought out JP Morgan Mauritius Holdings and India Advantage Fund’s stake in PVR Pictures, its group firm, for an undisclosed amount, as it looks to focus on cinema exhibition while going slow on production.
The company has acquired a 40 per stake held by JP Morgan Mauritius Holding and ICICI Venture India Advantage Fund in equal proportion.
“PVR has decided to focus aggressively on the cinema exhibition business and go slow on the production business for the next couple of years. So, the company wanted to have 100 per cent control over PVR Pictures and keep it as a wholly- owned subsidiary,” said PVR Chief Financial Officer Nitin Sood.
Sood decline to specify the size of the deal but informed, “We have used a large part of cash lying with the company to fund this deal.”
The movies co-produced by PVR Pictures include Taare Zameen Par, Jaane Tu Ya Jaane Na, Contract and Mere Khwabon Mein Jo Aaye. Some of the movies it has distributed include Ghajini, Golmaal Returns, Sarkar Raj, Aviator, Chicago, and Don.
The company’s scrips closed at Rs 103.50 per share today, up 0.83 per cent from the previous close on the Bombay Stock Exchange.