PVR board gives nod to merger of founder company with itself

MUMBAI: PVR Ltd announced that its board has approved the merger of Leisure World with itself. Leisure World owns PVR Anupam multiplex at Saket area in New Delhi.

PVR said in a filing that the board has also approved to appoint either Deloitte or Price Waterhouse (PwC) to get the valuation of PVR Ltd and Leisure World and to suggest the swap ratio. PVR will also appoint AZB & Partners, advocates and solicitors, to carry out the due diligence of Leisure World, while Jones Lang LaSalle Meghraj (JLL) and CB Richard Ellis (CBRE), the two property consultants, will be appointed to carry out their independent valuation and submit their report in respect of property PVR Anupam.

The board will also appoint a merchant banker for fairness certificate of the swap ratio.

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