MUMBAI: Multiplex operator PVR on Thursday said it will raise Rs 120 crore through private equity investment from ICICI Venture Funds Management and a subsidiary of investment bank JP Morgan Chase for funding its expansion plans.
The company informed the Bombay Stock Exchange that PVR Pictures, a wholly-owned subsidiary of PVR, has signed agreements with ICICI Venture Funds Management Company and JP Morgan Global Special Opportunity Group for getting investments of Rs 60 crore each from both firms.
PVR Pictures is a film production and distribution company that is exploring and developing significant expansion plans. The investment by ICICI Venture and JP Morgan Global would be a significant deal in the Indian film and entertainment sector.
"It is a matter of great pride for us that the two leading private equity funds have reposed faith in the business model and management team of PVR Pictures," PVR Managing Director Ajay Bijli said.
The transaction would enable the parent firm PVR to become a fully integrated film and entertainment company with interests across the entire value chain including production, distribution and exhibition.
Shares of PVR were trading at Rs 180.75 on the BSE, up 7.72 per cent in the afternoon trade.
