MUMBAI: L&T Finance, the financial services arm of infra major L&T, has picked up 3.29 million shares in PVR representing 11.42 per cent equity for Rs 288.4 million by invoking pledged shares.

On 13 December, Priya Exhibitors, one of the promoter company, had revoked its entire pledging of 4.1 million shares to India Bulls Finance.

PVR had recently received approval from its shareholders to borrow up to Rs 10 billion.

It had recently bought the entire 69.27 per cent promoter stake in Cinemax India for Rs 3.95 billion, which will make it the biggest multiplex operator in the country. The deal valued Cinemax at Rs 5.7 billion.

PVR would take complete control over Cinemax through an open offer with the backing of private equity investors which will culminate in the delisting of the company’s shares.

Under the preferential issue of equity shares in PVR Limited, Multiples will invest an amount of approximately Rs 1.53 billion, L Capital would invest approximately Rs 823 million and Promoters would invest approximately Rs 250 million into PVR.

Post the above dilution, both Multiples Private Equity and L Capital would own approximately 15.8 per cent stake each in the company and the Promoters will hold 32 per cent stake in the Company.