PVR Pictures to receive Rs 120 crores funding

PVR Ltd has announced that JP Morgan Mauritius Holding IV Ltd and ICICI Venture Funds Management Company Ltd acting as the investment manager for M/s. India Advantage Fund have agreed in-principle to invest Rs 60 crores each aggregating to Rs 120 crores in Company's wholly owned subsidiary i.e. PVR Pictures Ltd. (PVR Pictures).

PVR Pictures is engaged in film production and distribution. Both the investors and PVR Ltd. have therefore executed Share Subscription Agreement and Shareholder Agreement on June 04, 2008.

The stock was trading at Rs.181, up by Rs.13.20 or 7.87%. The stock hit an intraday high of Rs.184 and low of Rs.166.10.

The total traded quantity was 57862 compared to 2 week average of 9597.

Source : Equity Bulls

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