The National Company Law Tribunal (NCLT), Mumbai Bench, has allowed the proposed scheme of amalgamation between Inox Leisure and PVR.
The NCLT approval for the amalgamation came on January 12, 2023.
The copy of detailed order is awaited and the same shall be disclosed to the stock exchanges as and when received by the company.
In March 2022, multiplex chain companies PVR and Inox had announced a merger leading to the formation of PVR Inox, post the approval of the shareholders, stock exchanges, SEBI and other regulatory approvals as may be required.
With Inox operating 675 screens across 160 properties in 72 cities and PVR operating 871 screens across 181 properties in 73 cities, the combined entity is going to become the largest film exhibition company in India operating 1,546 screens across 341 properties in 109 cities, making them the largest film exhibition company in India.
Post the merger, PVR Inox also intends to deepen its market in Tier 2 and 3 cities in the near future.
Experts believe that the merger will add exponentially to their ad revenue as they would be able to negotiate ad deals with the expanded reach of the merged entity.