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PVR-Cinemax merger gets board nod

Multiplex chain operator PVR Ltd on Friday said that its board has approved the merger of Cinemax India and a wholly-owned subsidiary with the company. The board of directors of the company at its meeting held on June 7, 2013 approved in-principle the proposed amalgamation of Cinemax India Ltd, a Mumbai-based listed firm and Cine Hospitality Private Ltd, a wholly-owned subsidiary of the company, PVR said in a filing to BSE.
In a separate filing, Cinemax also said its board today approved "in-principle" the amalgamation of the company with PVR Ltd, the ultimate holding company.
The two firms said Haribhakti & Co and SSPA & Co, have been appointed as Joint Valuers for valuation of PVR Ltd and Cinemax India Ltd for determining the swap ratio.
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