It will do so through issue of non-convertible debentures to fund various activities, including acquisitions. The company is seeking nod from shareholders to approve the matter at its annual general meeting to be held on September 29.
This will take place at a revised consideration of Rs 433 Cr. DLF operates the multiplex arm DT cinemas and exhibition business under its subsidiary DLF Utilities. Earlier this month, Competition Commission had approved PVR’s proposed acquisition of DT Cinemas from DLF while directing the companies to exclude certain assets from the deal to address anti-competitive concerns.
Last June, PVR had announced the acquisition for Rs 500 Cr after aborting a similar deal in February 2010. After prima facie finding that the transaction could impact competition in the relevant market, CCI, last year, had put the deal for public scrutiny. It has now cleared PVR’s acquisition of DT Cinema’s multiplexes/single screen theaters in Delhi NCR and Chandigarh.
Ajay Bijli, Chairman of PVR, said that PVR is looking to almost double its screen count in the next 3 years to reach 1,000 screens. PVR now has 516 screens under its belt. He added that the firm plans to add 70-80 screens per year organically. The company is currently in the process of acquiring DT Cinemas from DLF.
Paytm plans to strengthen the offline business and will allow its users to pay for food and other value-added services through their mobile wallet once they reach the movie hall. It will offer cashback deals on ticketing to attract customers to book through its platform. Paytm which is already gearing up to launch its own payment bank, which would require additional capital, has this week taken a loan of around Rs 300 crore from ICICI bank.
PVR will now provide Wi-Fi at some of the most prominent PVR cinemas to improve guest engagement and satisfaction. PVR has selected O-Zone Networks, a public Wi-Fi service provider in India for offering the services. Sanjeev Sarin, the Founder and CEO of Ozone Networks, said that the company’s aim is to build the largest Wi-Fi network in India by 2016 its partnership with PVR is an important step in this journey.
When retailers integrate Power Wallet, users get to make the payment from within the retailer’s platform without re-direction. With one-time integration, the Power Wallet is activated across the retailer’s website, mobile website, apps, and offline point-of-sale terminal. Power Wallet is also patent pending. MobiKwik claims that the API has been integrated with partners such as OYO Rooms, PVR Cinemas, Zomato, Meru Cabs, Big Bazaar, WHSmith India, and Archies.