After approval from shareholders last week, PVR initiated its qualified institutional placement (QIP) on January 27. PVR operates multiplex chains across the country.
The floor price has been established at 1.1% higher than the closing price on January 27 for the issue at Rs.1,495.93. The shares of PVR closed at Rs.1,480.05 on the BSE on January 27. The company said that the issue price of equity shares conforming to QIP, which will also consist of discounts on the floor price, will be considered on February 1.
The shareholders approved of the fundraising on January 19 through a postal ballot after the Board of Directors nodded for approval on December 18, 2020