DLF to sell 32 screens to PVR in revised deal

DLF operates the multiplex arm DT cinemas under its subsidiary DLF Utilities. Earlier this month, Competition Commission of India (CCI) 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. In June last year, PVR had announced the acquisition of DT Cinemas for Rs 500 crore after aborting from a similar deal in February 2010.

"DLF Utilities Limited (DUL), a subsidiary, has executed an amendment agreement... with PVR in connection with sale of the cinema exhibition business (operated under the brand name of 'DT Cinemas') on a slump sale basis for a revised consideration of Rs 433 crore," DLF said in a BSE filing.

Out of Rs 433 crore, DLF said that Rs 100 crore would be received upon satisfaction of certain conditions. PVR said: "The amendment agreement provides for exclusion of DT Savitri (1 screen) and DT Saket (6 screens) from the aforementioned transaction. Subject to satisfaction of customary conditions precedent, the company proposes to acquire 32 screens.”