PVR, INOX to merge operations; Ajay Bijli to be MD of new entity

PVR Ltd (transferee company) on Sunday said its board of directors has approved a scheme of amalgamation of INOX Leisure Limited (transferor company) into and with the company.

The board of INOX also approved the merger scheme.
"The board of the company has also approved the execution of a merger co-operation agreement between the transferor company,
the transferee company, GFL Limited, INOX Infrastructure Limited, Pavan Kumar Jain, Siddharth Jain, Ajay Bijli and Sanjeev Kumar (merger co-operation agreement) which sets out the manner of effecting the proposed amalgamation contemplated under the scheme, the representations and warranties being given by each party and the rights and obligations of the respective parties," PVR said in an exchange filing.

Both PVR and INOX are public listed companies engaged in cinema exhibition, related food and beverages and allied activities.

"The proposed amalgamation would be in the best interest of the transferee company and the transferor company and their respective shareholders, employees, creditors and other stakeholders...," the filing said.

The share exchange ratio for the amalgamation will be three shares of PVR for 10 shares of INOX.

(More details to follow)