INOX Leisure Ltd to acquire Luxe Cinemas, theatre business of Jazz Cinemas

Today i.e. on 13th October, 2022, INOX Leisure Ltd has executed an agreement ("Agreement") with Jazz Cinemas for transfer of Luxe Cinemas, the theatre business of Jazz Cinemas, on a going concern basis, by means of a slump sale ("Business"), on terms and conditions, more specifically defined in the Agreement. The Agreement records the process and manner of the transfer of the Business, including the conditions precedent etc.

The Board of Directors of the Company and Jazz Cinemas Private Limited have approved the Agreement, the completion of which is subject to legal, regulatory, contractual and customary approvals (as applicable) and the completion of the agreed conditions set out in the said Agreement.

The Company will not be acquiring any shareholding or control in Jazz Cinemas nor will the Company be issuing any shares to Jazz Cinemas, pursuant to the Agreement. The parties to the Agreement are not related to the promoter, promoter group or group companies of the Company. Further, the Agreement would not fall within the ambit of related party transactions. There are no other disclosures related to the Agreement including in relation to appointment of any nominee director on the Board of INOX Leisure Limited or any potential conflict of interest arising out of the Agreement.

Jazz Cinemas Private Limited owns and operates Luxe Cinemas at Central Chennai with 11 screens with total seating capacity of 2688. Post the closure of the Agreement, INOX will be present in 74 cities with 166 Multiplexes, 716 screens and a total seating capacity of 159978 seats across India.

Shares of INOX Leisure Limited was last trading in BSE at Rs. 500.95 as compared to the previous close of Rs. 503.40. The total number of shares traded during the day was 14079 in over 1120 trades.

The stock hit an intraday high of Rs. 513.00 and intraday low of 495.00. The net turnover during the day was Rs. 7048168.00.

Source : Equity Bulls

Keywords

INOXLeisure INE312H01016 Acquisition SlumpSale JazzCinemas LuxeCinemas TheatreBusiness