Gurugram-based movie theatre chain, PVR on Friday announced the discontinuation of operations of 23 screens across 9 properties. These screens were discontinued due to the expiry of their lease with Cineline India.
The screens were discontinued on March 31, 2022.
To date, PVR operates a cinema circuit comprising 848 screens at 172 properties in 73 cities (India and Sri Lanka).
On BSE, PVR shares closed at ₹1914.70 apiece down by 0.33% today. The shares traded between an intraday high and low of ₹1927.35 apiece and ₹1891.45 apiece respectively.
PVR is the market leader in terms of screen count in India.
Currently, PVR has stolen the limelight in the entertainment industry as it will merge Inox Leisure with its ambit. The merger will be carried in a share exchange (“swap”) ratio where 3 equity shares of PVR will be swapped for 10 equity shares of INOX. The amalgamation will bring together two of India’s best cinema brands to deliver an unparalleled consumer experience with a network of more than 1500 screens.
The combined entity will be named PVR INOX Limited with the branding of existing screens to continue as PVR and INOX respectively. New cinemas opened post the merger will be branded as PVR INOX.