PVR, INOX Leisure announce merger, Ajay Bijli will be MD of entity

The combined entity will be named as PVR INOX Limited

The board of directors of PVR Limited (PVR) and  INOX Leisure Limited (INOX) on Sunday approved an all-stock amalgamation of INOX with PVR at their respective meetings.

The amalgamation is subject to approval of the shareholders of PVR and INOX, stock exchanges, market regulator Sebi and and such other regulatory approvals as may be required.

Upon obtaining all the approvals, the merger will become effective and INOX will merge with PVR.

Shareholders of INOX will receive shares of PVR in exchange of shares in INX at the approved share exchange (swap) ratio. Following the merger, INOX promoters will become co-promoters