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AZB & 2 x SAM close $121m Warburg stake buy in PVR

“Private equity (PE) firm Warburg Pincus said in a statement that it has bought a 14% stake in PVR Ltd, India’s 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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