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CAM + SAM-now-CAM Akila Agrawal complete $90m SPI acquisition for long-SAM-client PVR cinemas

Entertainment and cinema giant PVR has bought a 71.7% stake for Rs 633 crores in South India’s largest cinema exhibitor SPI Cinemas, making PVR the world’s seventh largest cinema exhibitor, according to Mint.

Cyril Amarchand Mangaldas (CAM) acted as legal counsel to SPI Cinemas and its promoters Kiran M Reddy (through SS Theatres LLP) and SV Swaroop Reddy. The firm’s team was led from Mumbai by partners L Viswanathan, Vandana Sekhri and Ruchira Shroff, according to the firm’s press release.

Former Shardul Amarchand Mangaldas (SAM) Delhi-based partner Akila Agrawal, who had joined CAM on 8 August after a three-and-a-half-month notice period, acted for PVR in the deal.

SST will be issued around 3.3% of PVR’s equity share capital after the two entities have merged.

The deal documents were signed on 12 August 2018 and the shares were transferred on 17 August 2018, with the merger due to conclude within the next 9 to 12 months, according to CAM’s press release.

PVR has been a long-standing client of SAM, with SAM’s now-chairman Shardul Shroff and Agrawal having advised the company on its 2012 takeover over Cinemax India for $100m, and Agrawal having led on its Rs 500 crore buy of DT Cinemas in 2015.

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