PVR, Inox get SEBI nod for merger to create India's largest multiplex chain

PVR promoters will have a 10.62% in the combined entity; Inox's side will have a 16.66%

Multiplex operators PVR and Inox said on Tuesday they have approval from the Securities and Exchange Board of India (SEBI) for their merger, clearing an important step in the regulatory process. 

The two companies had announced in March a merger to create India’s largest multiplex chain with a network of more than 1,500 screens. As per the agreement, Inox would merge with PVR in a share swap ratio of 3 shares (of PVR) for every 10 shares of Inox.

"The amalgamation is subject to the approval of the shareholders of PVR and Inox respectively, stock exchanges, SEBI, and such other