PVR on Tuesday informed that the Scheme of Amalgamation between Inox Leisure Limited and PVR Limited and their respective shareholders and creditors has come into effect upon filing a certified copy of the order passed by the National Company Law Tribunal, Mumbai Bench, which approved the scheme Has been. The Registrar of Companies, Mumbai on 6th February, 2023 from the due date of 1st January, 2023 (MCA website).
“In addition to the above, in terms of Regulation 42 of the SEBI LODR read with the Scheme, and as per the power delegated by the Board of Directors of INOX Leisure Limited, the “ILL Committee of the Board of Directors for the governance of INOX Leisure Limited” mutual agreement with the Company has fixed February 17, 2023 as the ‘record date’ for the purpose of determining the shareholders of INOX Leisure Limited to whom the equity shares of the company will be allotted as per the Scheme,” informed the multiplex operator. Exchange Filing.
In early January, the National Company Law Tribunal (NCLT) approved the amalgamation of the country’s top two multiplex chains, PVR Limited and INOX Leisure. The Mumbai bench of NCLT has approved the Scheme of Amalgamation between Inox Leisure (Transfer) and PVR (Transferee Company). In October 2022, PVR received approval from its shareholders for Fusion With rivaling inox comfort.
In March last year, PVR and INOX Leisure announced the merger to create the largest multiplex chain in the country with a network of over 1,500 screens to unlock opportunities in Tier III, IV and V cities apart from developed markets. The combined entity will be named PVR Inox Limited, with the existing Screen branding to continue as PVR and Inox. Major exchanges NSE and BSE have given their approval for the merger in June 2022.
Shares of PVR were trading almost flat in Tuesday afternoon deals on BSE 1,680 while Inox Leisure Ltd. rose marginally to Rs. 497.
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