PVR has soared 11% to Rs 309 after the country's pioneer multiplex chain and leading entertainment company said it has purchased controlling stake in the share capital of Cinemax India through open market purchase today.
“PVR, through Cine Hospitality Private Limited, a wholly owned subsidiary of the Company, has purchased controlling stake in the share capital of Cinemax India Limited through a block deal executed on the floor of the stock exchange on January 08, 2012,” PVR said in a statement.
Accordingly, the board of directors of Cinemax India stands reconstituted, it added.
The stock opened at Rs 280 and hit a high of Rs 315 on the BSE. As many as a combined around 1.93 million shares have already changed hands on the counter so far against an average around 115,000 shares that were traded daily in past two weeks on both the exchanges.
Cinemax India, on the other hand, is trading lower by 1% at Rs 198, after hitting 52-week high of Rs 203 on the BSE.