Cinemax India: Outcome of Board Meeting | Value Research

Cinemax India: Outcome of Board Meeting

Cinemax India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 15, 2013, approved the amalgamation of Cinemax India Limited with PVR Limited.

The Board of Directors of the Company, based on the Joint valuers report received from Independent Valuers, M/s. Hari Bhakti & Co. and M/s. S.S.P.A. & Co. -Chartered Accountants and further based on Fairness Opinion Report received from AXIS Capital, Category-I Merchant Banker and as per the report received from the Audit Committee recommending the draft scheme taking in to consideration inter-alia the aforesaid Valuation Reports, approved the Swap ratio i.e. for every 7 Equity Shares of face value of Rs. 5/- each of Cinemax India Limited, issue of 4 Equity Shares of face value of Rs. 10/- each of PVR Limited. The Board of Directors also approved the Scheme of Amalgamation for the merger of Cinemax India Limited with PVR Limited.


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