PVR shares hit fresh 52-week high on Dalian Wanda buyout buzz

Shares of PVR surged over 8 per cent to hit fresh 52-week high, following news reports that Wanda Cinema Line, the theater division of China's Dalian Wanda group, has initiated talks with Ajay Bijli, the promoter of PVR, to buy a controlling stake in PVR.

Wanda Cinema is Asia's largest film group and theatre operator, owned by China's richest man, Wang Jianlin.

The stock of PVR added as much as 8.20 per cent to touch its 52-week high of Rs 1280.20 on the BSE.

Meanwhile, BSE exchange has sought clarification from PVR, with reference to the above buzz. 

PVR is country's largest cinema operator, which currently operates a cinema circuit comprising of 557 screens in 121 properties in 48 cities pan india.