PVR to raise Rs 120 cr via PE investment

New Delhi, Jun 5: PVR Pictures Ltd, a wholly-owned subsidiary of cinema chain operator PVR Ltd, today said it has signed an agreement to raise Rs 120 crore through private equity investment for expansion plans. ICICI Venture Funds Management Co Pvt Ltd and JP Morgan Global Special Opportunities Group will each invest Rs 60 crore, the company said in a statement.

This transaction will enable PVR Ltd to become a fully integrated film and entertainment company engaged in production, distribution and exhibition, it said. PVR Pictures plans to increase its film output to eight-ten by the next year from the present level of four-five.

UNI