PVR spurts 8%, kisses 52-week high on talks with China’s richest man

NEW DELHI: Shares of PVR saw an 8 per cent spurt in Friday’s trade after the ET citing sources reported that Wanda Cinema — owned by China's richest man Wang Jianlin — was in talks with promoter Ajay Bijli for a controlling stake in India's largest multiplex operator.

According to the report, Bijli may sell the entire 25.26 per cent stake or retain a small holding as a junior partner, while the second largest shareholder Renuka Ramnath's PE firm Multiples and L Capital Asia may seek to offload its shares.

Following the report, the stock surged 8.20 per cent to hit a 52-week high of Rs 1,280.20 on BSE. The stock was later trading with an 8 per cent gain. PVR owns and operates multiplexes across 120 locations with 551 screens. It generates revenues from box office, food & beverages and advertisement segments.

The transaction, if materialises, is likely to trigger an open offer to public shareholders as well, multiple sources told ET.