Multiplex major Inox Leisure has acquired the Calcutta Cinema Private-owned 89 Cinemas, in an all-share swap deal. The merger of CCPL is likely to result in a less than 5 per cent dilution of Inox promoters' stake. |
Deepak Asher, director, Inox Leisure said as per the contours of the arrangement, CCPL would cease to exist and owners of CCPL would be issued shares in Inox Lesiure. |
"Given that the Inox is a national chain and 89 Cinemas regional, the dilution of Inox promoters' stake would be less than 5 per cent," he said. |
At present, promoters hold around 66 per cent in Inox Leisure Ltd. CCPL operates a four-screen multiplex at Swabhumi in Kolkata and is likely to commence its second three-screen multiplex at Durgapur in West Bengal in around a fortnight. |
CCPL has tied up properties for building and operating six other multiplexes in West Bengal and Assam. |
CCPL also has an understanding with Bengal Ambuja Housing Development Limited (Bengal Ambuja) - a leading real estate developer in Kolkata - which gives CCPL preferential access as the preferred multiplex operator to all properties being developed by Bengal Ambuja. |