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PVR-Cinemax: More than 80,000 chairsPVR-Cinemax: More than 80,000 chairs Amarchand Mangaldas Delhi advised cinema chain PVR, which is buying rival chain Cinemax India by acquiring shares from the promoter – who are advised by Wadia Ghandy - and a subsequent open offer valued at around Rs 540 crore ($100m).

Amarchand Mangaldas Delhi managing partner Shardul Shroff led with partners Akila Agrawal, Kalpataru Tripathy and Pranav Sharma, assisted by principal associate Shruti Kinra, senior associate Digvijay Singh, and associates Tarun Mathur, Parika Ganeriwal and Anjali Puri.

Wadia Ghandy Mumbai-based partner Ashish Ahuja and senior associate Sayantani Dutta advsised the Kanaika family, which sold its entire 69.27 per cent share in Cinemax for Rs 394.97 crore.

The buy has triggered an open offer on 29 November for up to 26 per cent of shares in the company under the Substantial Acquisition of Shares and Takeovers Regulations, 2011 by the Securities and Exchange Board of India (SEBI).

PVR has a total of 213 screens at 46 venues across India with just over 50,000 seats, while Cinemax operates 138 screens at 39 theatres with an aggregate audience capacity of nearly 34,000.

The deal would make PVR the market leader ahead of the 256-screen Inox Fame cinema chain, but this would probably not constitute a PVR enjoying a “dominant position” in the market and therefore escape scrutiny by the Competition Commission of India (CCI), reported moneycontrol.

Axis Capital is acting as financial adviser to PVR.

Photo by Paul Hart

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Recommend! +1 Objection! -0 scooter 2012-12-01 18:20
I thought AZB was also involved .... very curious why they have not been mentioned. kian, are u sure there is not another PVR deal happening ? talk about one-sided reporting
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Recommend! +6 Objection! -0 Concerned 2012-12-02 03:19  interesting
A managing partner, three partners, a principal associate (almost a partner), one senior associate and three associates from Amarchand v/s a partner and an associate from Wadia Ghandy. Agreed PVR was the acquirer but Amarchand, all well?
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Recommend! +3 Objection! -0 Sandy 2012-12-02 10:16
This is one helluva deal!
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Recommend! +0 Objection! -0 Lawyer 2012-12-05 00:03
Amarchand loading on the legal costs - 4 partners, 2 PAs and a bunch of associates. Markets are slow but this is over staffed and how. Size of this team is the size of Platinum Partner office, Alliance Legal or PXV.
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Recommend! +0 Objection! -0 Anon 2012-12-09 21:55
Wow, AMSS used 4 partners on one deal!! I would really like to see the billing on this.. Talk about loading on your clients.

On the other hand I wonder if Wadia didnt disclose the full deal team..
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