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PVR Cinemas draws Rs 200 cr on expansion plan for FY22

Tuesday, 23 Feb 2021
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PVR Cinemas has earmarked Rs 200 crore for adding new screens in FY22, as the company wants to expand into new cities where it does not have a presence.

The company also has 25 new screens ready to roll out by end of March 2021, awaiting government clearances.

These include one property at BKC in the western suburbs of Mumbai (one drive-in theatre and a six-screen multiplex), three in Delhi NCR, and one property each in Kanpur, Mysore, Hyderabad and Bengaluru.

The company will start on around 100 screens across the country, including in cities like Trivandrum, Jaipur, Dhanbad, Bhubaneswar, Patna, Nizamabad, Patiala, Ajmer, Jamnagar and Rourkela.

PVR had raised Rs 1,100 crore in two tranches during FY21. It first did a rights issue of Rs 300 crore in July 2020, followed by a QIP of Rs 800 crore in February 2021. The company also raised some debt and implemented cost cutting measures during the COVID-19 induced lockdown.

The cinema chain also closed 14 screens across three properties in Mumbai and Pune during FY21.

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