Summary:
more-inLeading multiplex operator PVR on Friday said it has completed the acquisition of 71.69% share of South India-based chain SPI Cinemas. Last week, PVR had announced to acquire 71.69% stake in SPI Cinemas for about ?633 crore, in an all-cash deal. SPI Cinemas operates 76 screens across 17 properties in 10 cities under several brands such as Sathyam, Escape, Palazzo, The Cinema and S2 Cinema. PVR’s board had also approved the issuance of 1.6 million shares of PVR for the residual stake. In 2016, PVR had also acquired 32 screens of DT cinemas from realty major DLF for ?433 crore..