NCLT approves PVR-INOX merger
PTI, Jan 13, 2023, 10:06 AM IST
Credit: iStock photo
The National Company Law Tribunal (NCLT) on Thursday approved the amalgamation of the country’s top two multiplex chains — PVR Limited and INOX Leisure.
The Mumbai bench of NCLT has cleared the scheme of amalgamation between INOX Leisure (transferor) and PVR (transferee company), PVR said in a regulatory filing.
“NCLT, Mumbai Bench, has allowed the proposed scheme today ie 12th January 2023,” it said.
According to the filing, a copy of the detailed order is awaited and the same shall be disclosed as and when received by the company.
In October 2022, PVR received the nod from its shareholders for the merger with rival INOX Leisure.
Leading bourses NSE and BSE granted their approvals for the merger in June 2022.
In March last year, PVR and INOX Leisure announced the merger.
“We believe, the PVR-INOX (INOL) merger, if it materialises in the near term, may trigger multiple synergies immediately, in the form of advertising revenues and convenience fee for the merged entity, which should directly improve overall profitability,” Elara Capital said in a report.
Other synergies such as reduced rental costs and corporate overheads may also ensue in the medium to long term, it added.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
CBDT allows tax officials to waive or reduce interest due from assessee
Markets fall in early trade amid unabated foreign fund outflows
New software for fast-tracking project approvals: Karnataka Minister Patil
In-flight passengers can access WiFi services only when allowed, say new rules
SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees
MUST WATCH
Latest Additions
EC updates Maharashtra voter list; Shahada seat has 3 candidates in fray, Nanded North 33
Millions cast vote in historic US presidential election
Wine Merchants’ Association alleges corruption in excise dept, Minister Thimmapur refutes charge
Folk singer Sharda Sinha passes away
Davanagere: Man murdered by relative for insurance money; 4 arrested within 24 hours
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.