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Multiplex chain operator PVR opts for NCDs to raise up to $81M

PVR Ltd, country’s largest multiplex chain operator, has received its board's approval to raise up to Rs 500 crore ($81.4 million) through non-convertible debentures (NCDs), the company said in a stock market disclosure.

Last month, PVR received its shareholders’ approval to raise up to Rs 500 crore ($81.18 million) through qualified institutional placement (QIP).

Issue of NCDs would mean the company would not dilute its equity base.

PVR, which counts L Capital and Multiples PE as shareholders, currently operates a cinema circuit comprising 454 screens in 102 cinemas spread across 43 cities in India.

Recently, Multiples PE part exited the investment in PVR by selling a small minority stake in the process in its second successive liquidity event from a portfolio firm. Its current holding in PVR is 9.47 per cent.

Shares of PVR closed at Rs 701.25 down 1.29 per cent on BSE in a strong Mumbai market on Friday.

(Edited by Joby Puthuparampil Johnson)

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