Multiplex major PVR Ltd said it is looking to raise up to Rs 250 crore through issuance of non-convertible debentures (NCDs).
“A meeting of the board of directors of the company will be held on July 29, 2016… to recommend for the approval of members for the issue of non-convertible debentures for a sum not exceeding Rs 250 crore,” PVR Ltd said in a BSE filing.
The company, however, did not specify on what it intends to do with the money.
PVR has also earmarked a capital expenditure of up to Rs 250 crore for the current fiscal for opening new screens and refurbishing the existing ones.
The Delhi-based firm aims to have around 610 screens in total at the end of the current fiscal.
“Approximately 65 screens will be added in this fiscal year, in which 8 screens have already been added with PVR Panvel and PVR cinemas at Singapore Mall, Lucknow. The new screens being added to the PVR Cinemas are PVR premier only. Currently, PVR has a cinema circuit of 553 screens at 121 locations in 47 cities including DT Cinemas,” Chief Executive Officer, PVR Cinemas, Gautam Dutta was quoted by PTI as saying.
PVR recently acquired 32 screens of DT cinemas at a revised consideration of Rs 433 crore, after Competition Commission had approved PVR’s proposed acquisition of DT Cinemas from DLF while directing the companies to exclude certain assets from the deal to address anti-competitive concerns.
According to a PTI report: The transaction had originally envisaged PVR acquiring 39 screens of DT Cinemas from DLF, with a total capacity of around 9,000 seats. As per the revised deal, PVR has agreed to not expand in Gurugram and Noida for three years.
The company plans to have a PVR Superplex in Bangalore and a PVR Icon in Pune. It currently operates a PVR Superplex at Logix City Centre, Noida and a PVR Icon in Mumbai.
PVR is aiming for an overall revenue growth in the range of 15-20 per cent in the current fiscal year.
At present PVR has 70 million footfalls annually and with the acquisition of DT Cinemas, it expects additional 10 million footfalls.
F&B accounts for 26 per cent of the revenues at present and the company is looking at a double digit growth this fiscal year.
Advertising contributes to around 12 per cent to the revenue and has been growing at a compounded annual growth rate of 32 per cent over the last five years, Dutta told PTI.
Online sales contributes to around 40 per cent of the total ticket sales for the company.
The company, however, did not specify on what it intends to do with the money
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