The 5.67 lakh shares of the largest multiplex company PVR were sold by foreign investor Baron Emerging Markets Fund worth Rs 75 crore in an open market transaction on Friday.
The recent shareholding information of BSE showed that as of April 2018 the seller company held 1.57 per cent stake in PVR and has disposed of 1.21 per cent stake. The shares were offloaded at an average price of Rs 1,332.15, valuing the transaction at exactly Rs 75.53 crore.
The buyers of the shares comprised of:
1)DB International (Asia)
2) TT Asia-Pacific Equity Fund
3) TT Emerging Markets Equity Fund
4) Jana Emerging Markets Share Trust
5)Lockheed Martin Corporation Master Retirement Fund
Baron Emerging Markets Fund seeks capital appreciation by investing in equity securities in the form of common stock of growth companies domiciled, headquartered or whose primary business activities or principal trading markets are in developing countries. Manager Michael Kass credits Baron’s philosophy of deeply researching companies for the successful run.
On the other hand, PVR Limited is an India-based company. It is a film entertainment company, which is engaged in the motion picture exhibition in cinemas. The Company has organized its operations into three business segments: Movie exhibition, Movie Production & Distribution, and Others. Its Others segment includes bowling, gaming and restaurant. The Company operates a network of over 550 screens spread over 120 properties in approximately 50 cities across the country.