Indian cinema chain PVR is to raise $55 million through a share sale. Earlier last week the company agreed to pay $78.2 million to buy DLF’s DT circuit.
The acquisition consolidates PVR as the largest cinema operator in India with over a quarter of all multiplex screens.
The shares are being bought by three private equity funds. They represent 10.7% of the company’s enlarged capital. PVR unsuccessfully bid for DLF in 2009.
India’s multiplex space continues to consolidate. In December Carnival acquired Reliance’s Big Cinemas. Last year Carnival also bought Housing Development and Infrastructure’s multiplex business Broadway Cinemas. Mexico’s Cinepolis acquired Fun Cinemas and Inox acquired Delhi-based Satyam Cineplexes.