In a major shocker for Chennai movie buffs, the iconic SPI Cinemas chain of theaters originally called as Sathyam, have been acquired by the multiplex giant PVR cinemas. As per the press release of PVR, Kiran Reddy, and Swaroop Reddy, the founders of SPI Cinemas will be associated with the business with their strategic guidance in the integration of SPI business with PVR.
As per the deal achieved between SPI and PVR, the latter will be acquiring 222,711 equity shares of SPI cinemas, which totals to 71.7% of equity share capital of SPI from its current shareholders, for a whopping 633 crores, and will be issuing 1.6 million equity shares of PVR which is about 3.3% of their equity share capital, in this amalgamation of SPI and PVR. The total value of the deal is estimated at around 850 crores.
It has been speculated that the Reddys were forced to take this decision after they were finding it extremely tough to handle the businesses in Chennai. As said by Ajay Bijli, the Chairman and Managing director of PVR, this acquisition of SPI will be a major breakthrough and will establish them as the market leader, and this will be a major step in their target of 1000 screens owned by them by 2020. It must be noted that after huge anticipation by Chennai residents, the multiplex Luxe was sold to Jazz Cinemas, and now, the rest of SPI has been sold to PVR, heavily upsetting movie buffs of Chennai.
Mahindra & Mahindra rolled out electric 3 wheeler auto rickshaw in Bengaluru According to sources "The 3 wheeler range Treo and Treo Yaari are powered with lithium ion battery, which gives 170 km ride for a single charge, said Mahindra Electric Mobility Ltd Chairman Pawan Goenka on the occasion. Meanwhile the $21 billion Mahindra group has invested Rs 100 crore in setting up a technology plant in the city's southern outskirts, with an installed capacity of 25,000 units per annum to make the e-autos for Karnataka initially.
- Sabarimala Temple Police Officers instructed to follow new Dress Code
- Will Pawan Kalyan contest from Eluru Constituency?
- TN CM announced Rs. 10 lakhs for families of deceased hit by Cyclone Gaja
- California's deadliest wildfires soared to more than 600, Trump to make his visit
- Granddaughter of TDP founder & late Chief Minister NT Rama Rao get TDP ticket
- Will forecast come true for TRS & give KCR another chance to rule Telangana?
- TN govt against Gaja!
- Secret pregnancy revealed by actor!
- Post Gaja, there's another threat!
- Vedaranyam heavily impacted by Gaja!
- Chandrababu Naidu leaving no leaf unturned to take on Modi
- Arvind Kejriwal to campaign in Telangana for AAP candidates
- Wedding Photos of Deepika Padukone & Ranveer Singh leaked out
- Will KTR quit politics, if TRS lost Elections?
- Cyclone Gaja crossed Tamilnadu coast between Nagapattinam & nearby Vedaranniyam