Private Equity Firm Warburg Acquires 14% Stake In PVR For Rs 820 Crore

Mumbai: Affiliates of private equity firm Warburg Pincus have bought a 14 per cent stake in PVR Ltd for Rs 820 crore ($120.5 million), India's largest cinema chain operator said on Wednesday.

Warburg bought the stake from affiliates of private equity firm Multiples Alternate Asset Management and PVR's founders, the multiplex chain said in a statement.

Multiples Alternate Asset will continue to hold a 14 per cent stake in PVR, while PVR's founders will remain the biggest shareholders with a more than 20 per cent stake, it said.

Shares of PVR, which currently operates 562 screens across 48 cities, closed at a record high after earlier rising as much as 7.7 per cent, in a broader Mumbai market that gained 0.2 per cent.

($1 = Rs 68.0450)