'Zee Media Bureau
New Delhi: In what could be the biggest deal in India's multiplex sector, PVR Group might be readying to buy Chennai-based SPI Cinemas, popularly known as Sathyam Cinemas, for about Rs 700-1000 crore, if newspaper reports are to be believed.
According to the report in a leading business newspaper, the deal would be for an odd 40 screens, which are majorly located in South India.
Following this report, shares of surged by nearly 4 percent to a high of Rs. 748.25 on the BSE.
PVR Cinemas, one of the leading cinema chains in India, began as a joint venture between Priya Exhibitors Private Limited and Village Roadshow Limited in 1995 with 60:40 ratio.
The Ajay Bijli-owned group had on 29 November 2012 bought a 69.27 percent shares of CineMAX from its promoter for Rs 395 crore whic made PVR the largest Cinema-chain in India.
It may be noted that in December 2014, Carnival Cinemas bought 242 screens of Anil Ambani's Big Cinemas for a little over Rs 700 crore.
