SPI Cinemas | Pixr8 News

One of the biggest entertainment companies PVR Ltd announced that it has successfully acquired South India-based SPI Cinemas Pvt Ltd. The company is looking to expand its operations through acquisitions. SPI Cinemas has an existence in the key markets of Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Kerala, and Mumbai. According to the reports, PVR will buy out a 71.7% stake in Chennai-based SPI Cinemas for Rs 633 crore ($91 million) in a cash-cum-stock deal. The company will take over 222,711 equity shares of SPI Cinemas. Along with this, PVR will also have an option to acquire the remaining stake for up to Rs 300 crore. “The proposed acquisition is in line with the company’s continual growth and expansion strategy,” said the company. This deal will be funded by PVR through a ...

One97 Communications, the parent company of Paytm has invested $8.95 Mn (approx Rs 61 Cr) into its wholly subsidiary Paytm Entertainment, as per by more than 50% as per company's filings with Ministry of Corporate Affairs. Paytm Entertainment, the entertainment arm of Paytm deals in ticket booking for movies and other channels has increased its online penetration in India by more than 50%, as claimed by the company. It is interesting to note that Paytm Entertainment has collaboration with SPI Cinemas which is the owner of landmark companies such as Sathyam Cinemas, Le Rêve, The Cinema, in Chennai, Hyderabad, and Mumbai. The digital arm of Paytm had entred ticketing segment back in March 2016 in partnership with PVR and today it has its business operations running across 660 cities...

Tag: SPI Cinemas

PVR to Buy Out South India-based SPI Cinemas

One97 invests $8.95 Mn in Paytm Entertainment