PVR Board approves issue of warrants to promoters

Bangalore, Nov 3 (UNI) The Board of PVR Cinemas, the largest multiplex operator in the country, has decided to issue 12 lakh warrants to promoters on preferential basis that would subsequently be converted into equity shares.

The Board of Directors, which met on October 31, approved the issue, subject to approval of shareholders and all the other applicable provisions.

Once these warrants were converted into equity shares, this would increase the promoters' stake in the company from the present 40.48 per cent to 43.45 per cent, a company release here said today.

The company also declared its unaudited financial results for the first half year, ended September 30. The total revenue registered a growth of 60 per cent at Rs 87.8 crore compared to Rs 55 crore during the corresponding period last year. PAT had grown by 73 per cent to Rs 6.69 crore as against Rs 3.87 crore during the same period last year.

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