PVR share rises nearly 5% on getting NCLT nod for merger with SPI Cinemas

PVR rises nearly 5% on getting NCLT nod for merger with SPI Cinemas

Share price of PVR Ltd, the largest and most premium film exhibition company in India, rose nearly 5% intraday after the company announced that the National Company Law Tribunal (NCLT) has approved the merger of PVR with SPI Cinemas Limited.

PVR Ltd share price opened 0.81% higher at Rs 1502.35 in early trade today against the previous closing of Rs 1490.20. The BSE group ‘A’ stock of face value Rs 10 later rose 4.94% intraday to Rs 1563.80 on BSE.

Overall 0.16 lakh shares and 5.41 lakh shares currently trade on the exchange platforms, BSE and NSE. The stock has gained nearly 7% in the last two days. PVR stock, although trades lower than 30, 50, 150 as well as its 200-day moving average.

“This is to inform you that the Hon’ble principal bench of the National Company Law Tribunal at New Delhi vide their order dated 23rd August 2019 has approved the scheme of amalgamation of SPI Cinemas Private Limited, the transferor company with PVR Limited, the transferee company effective from the appointed date of 17th August, 2018,” the company said in a regulatory filing.

Shares of PVR Ltd. ended Monday’s trading session at the day’s high of Rs 1,563.80, registering a rise of 4.94% on BSE.