Multiplex chains INOX and PVR announce merger

Two of India's biggest theatre chains, INOX Leisure Limited and PVR Limited have announced a merger. According to a statement released, the board of directors of both organisations have approved an all-stock amalgamation of INOX with PVR. 

This merger will bring the number of screens under PVR's network to be more than 1500. The combined entity will be named PVR INOX Limited and while existing screens will be continued to be branded as INOX and PVR respectively, new theatres opened after the merger will be named PVR INOX. 

The statement also stated that the amalgamation is subjected to the approval of both the companies' shareholders and regulatory approvals and upon receiving it, shareholders of INOX will receive shares of PVR at the approved share exchange ratio.