PVR becomes a super hit today!

PVR is a big gainer today with the stock hitting a new 52-week high at Rs.908. It has come off this high and is now at Rs.888 levels.

Yesterday after market closure the company updated that it closed a deal with DLF cinema exhibition business, branded DT Cinemas. PVR has acquired fewer screens than originally planned ad was bought out as a going concern on a 'slump sale' basis.

This is the same deal which was announced in June’15 but got the closure only after CCI gave its approval last month. A year to complete this deal. PVR was to earlier buy 39 screens at Rs.500 crore but now its for 32 screens  and priced at Rs.433 crore. Of this, PVR has paid Rs.333 crore to DLF and balance Rs.100 crore is to be paid after the completion of some milestones.

This does not include the two properties of DLF in Delhi – DT Savitri which has one screen and DT Saket, which has six screens.