Realty major DLF on Tuesday said it has entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.
According to a PTI report, DLF operates the multiplex arm DT cinemas and exhibition business under its subsidiary DLF Utilities.
Earlier this month, 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.
The report said, June last year, PVR had announced the acquisition of DT Cinemas for Rs 500 crore after aborting from a similar deal in February 2010.
“DLF Utilities Limited (DUL), a subsidiary, has executed an amendment agreement… with PVR in connection with sale of the cinema exhibition business (operated under the brand name of ‘DT Cinemas’) on a slump sale basis for a revised consideration of Rs 433 crore,” DLF said in a BSE filing.
PVR said, “The amendment agreement provides for exclusion of DT Savitri (one screen) and DT Saket (six screens) from the aforementioned transaction. Subject to satisfaction of customary conditions precedent, the company proposes to acquire 32 screens of DUL in NCR and Chandigarh.”
The transaction had originally envisaged PVR acquiring 39 screens of DT Cinemas from DLF, with a total capacity of around 9,000 seats.
Pacific Mall Tagore Garden organises Flash Mob with Dance For Kindness
New Delhi: Pacific Mall Tagore Gardens conducted a flash mob dance to celebrate World Kindness Week on November 27, 2022,...
Nesca Homes aims to build 10,000 wooden buildings by 2030 in India
New Delhi, November 29, 2022: Nesca Homes, aims to build 10,000 wooden buildings in India by 2030. A press release...
Danube Group hosts a glittering Filmfare Middle East Achievers Night 2022 in Dubai
New Delhi, November 29, 2022: Dubai-based Danube Group, hosted a Filmfare Middle East Achievers Night 2022 at the World Trade...
Sikka Group receives Rs 207 crore funding from SWAMIH for its Greater Noida project
Noida: Sikka Group, has announced that it has bagged a fund of Rs 207 Crores for its upcoming project in...
Real Estate Investment Conclave 22’ by CREDAI Hyderabad along with UPWISERY
Hyderabad: The Confederation of Real Estate Developers’ Associations of India (CREDAI) Hyderabad, in association with UPWISERY (Erstwhile StratCap Advisory), a...
Food, Music Festival Pacific Mall Dehradun
Dehradun: Pacific Mall Dehradun hosted a three-day food and music festival on November 25-27, 2022, which saw an accumulation of...