PVR board approves raising of FII limit to 40 pc

New Delhi, Aug 1 (UNI) PVR Ltd today said its board has decided to raise the limit of foreign investment in the company to 40 per cent from the present 24 per cent.

''The Board of Directors has, subject to the approval of the shareholders, raised the limit of FIIs shareholding in the company from present 24 per cent to 40 per cent. As per the provisions of Industries (Development and Regulation) Act, 1951 the foreign investment in the film industry is allowed upto 100 per cent under Automatic Route,'' a company statement said.

PVR Cinemas posted a 93 per cent jump in its net profit while its surge in revenues during the first quarter of the current fiscal was at 62 per cent on an year-on-year basis.

PVR Ltd Chairman and Managing Director Ajay Bijli said during the quarter, the company had commenced operations at four new multiplex projects in Juhu and Mulund in Mumbai, Indore and Lucknow, adding 17 new screens and taking the screen count to 68 in the first quarter.

Besides, it had also added two more screens in Gurgaon.

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