Rumours are rife in trade and finance circles that PVR, which has the maximum number of multiplexes in India, is planning a rights issue and has appointed Axis Capital as the merchant banker for the same. The multiplex chain is looking at raising Rs. 300 crore via the rights issue route. It is learnt that the promoters of PVR (Bijli brothers, Ajay and Sanjeev), along with PVR’s private equity investors, Warburg Pincus and Multiples Alternate Asset Management, are likely to participate in the issue which may be launched in July.
Warburg Pincus holds 12.74% stake in PVR while Multiples and its affiliates hold 11.17% stake. The promoters hold 18.54% stake.