PVR rallies over 1% on fund raising plans via QIP

NEW DELHI: PVR Ltd rallied as much as 1.3 per cent in trade on Tuesday, after the multiplex operator said that its board has approved plans to raise Rs 500 crore through qualified institutional placement (QIP).

At 09:40 a.m.; PVR was trading 1.07 per cent higher at Rs 708.35. It hit a low of Rs 707 and a high of Rs 710 in trade today.

The board in its Annual General Meeting authorised PVR to raise the fund, PVR informed the BSE. It also approved management services agreement with its JV firm PVR bluO Entertainment.

Moreover, Ajay Bijli along with five independent directors has been appointed.

On July 31, PVR had said that it would Rs 500 crore through QIP for any inorganic growth or acquisition, PTI reported.