India’s leading multiplex players PVR and INOX has announced their merger on Sunday.

The Board of Directors of PVR Limited and INOX Leisure Limited held their respective meetings today and approved an all-stock amalgamation of INOX with PVR.

Post the merger, INOX Promoters will have 16.66% stake, while PVR promoters will have 10.62% stake in the combined entity.

Meanwhile, Ajay Bijli has been appointed as the Managing Director of the combined entity and Sanjeev Kumar would be appointed as the Executive Director.

Chairman of INOX Group Pavan Kumar Jain will be appointed as the Non-Executive Chairman of the Board.

Also Read: With CUET In Place, No Need For Multiple Exams: UGC Chairman

Meanwhile, Siddharth Jain will be appointed as Non-Executive Non-Independent Director in the combined entity.

The amalgamation is subject to the approval of the shareholders of PVR and INOX respectively, stock exchanges, SEBI, and such other regulatory approvals as may be required.

Upon obtaining all approvals, when the merger becomes effective, INOX will merge with PVR.

The combined entity will be named PVR INOX Limited with the branding of existing screens to continue as PVR and INOX respectively. New cinemas opened post the merger will be branded as PVR INOX.

The combined entity will become the largest film exhibition company in India with 1,546 screens across 341 properties across 109 cities.

PVR currently operates 871 screens across 181 properties in 73 cities and INOX operates 675 screens across 160 properties in 72 cities.

Also Read: Assam: 2 Boys Drown in Buroi River