PVR informed that ICRA has placed the company's ratings on watch with developing implications due to lockdown.
The company's non-convertible debenture programme worth Rs 360 crore and its fund based-term loan worth Rs 219 crore, both instruments continued to bear [ICRA]AA- rating while the firm's commercial paper worth Rs 200 crore retained its [ICRA]A1+ rating.
Offering the ratings rationale, ICRA said that the ratings have been placed on watch with developing implications following the nation-wide lockdown and consequent extension in the period of shutdown till April 14, 2020, As a result of this extension, and the possibility of further restrictions on cinema halls going forward, the impact on PVR's revenues and cash accruals is expected to be further aggravated, relative to the shorter shut-down period announced earlier.
PVR is a film exhibition company. It currently has a geographically-diverse presence in India with 176 properties and a total of 845 screens.
Shares of PVR ended 10.93% lower to settle at Rs 1054.45 on 1 April 2020.
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