PVR company looks to raise Rs 300 crore via rights issue, due to its share price fall 2%.

PVR Cinemas is a film entertainment public limited company in India. The Company started as a joint venture agreement between Priya Exhibitors Private Limited and Village Roadshow Limited in 1995 with 60:40 ratio. 

PVR share price was down 2 percent intraday on May 22. 

Ajay Bijli the promoter and CEO of PVR Cinemas-owned firm is looking to raise around Rs 300 crore via the right issue route at a time when the film exhibition business has been dealt a body blow due by the coronavirus outbreak. 

"PVR Cinemas has appointed Axis Capital as a merchant banker for the proposed rights issue".

"The plan is to launch the rights issue in July".

The current market value of PVR in BSE is 850.35 and the NSE is 849.75