“Private equity (PE) firm Warburg Pincus said in a statement that it has bought a 14% stake in PVR Ltd, Indias largest multiplex chain, for Rs820 crore through an open market transaction.
“Warburg Pincus bought the stake from existing investor Multiples Alternate Asset Management, which sold a 9% stake, and the promoters of PVR, including chairman and managing director Ajay Bijli. The sale values the company at around Rs5,860 crore,” reported Mint.
AZB & Partners acted for the seller Multiples Alternate Asset Management Pvt Ltd, led by senior partner Ashwath Rau, and partner Dhruv Singhal, according to AZB’s press release. Multiples Alternate Assets sold a 9% stake.
Shardul Amarchand Mangaldas Delhi partner Akila Agrawal led for PVR’s promoters, including chairman and managing director Ajay Bijli, who sold a 5% stake.
Shardul Amarchand managing partner Akshay Chudasama led for the buyer Warburg.
PVR did not use external counsel in this deal.
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In the budget Jaitley repeated this but did not mention NLUs specifically.
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