This was also confirmed by stainless through an identical regulatory dossier.
An “no objection” certificate from the exchange is a mandatory step for obtaining a permit from the exchange National Court of Company Law and other regulatory authorities for each merger scheme.
On March 27 this year, PVR and Leisure announced a merger deal to create the country’s largest multiplex chain with a network of more than 1,500 screens to unlock opportunities in Level III, IV and V cities other than developed markets.
The combined object will be named PVR INOX LTD with the branding of existing screens to continue as PVR and INOX, respectively. The new cinemas opened after the merger will be branded as PVR INOX, the companies said on March 27.
Under the agreement, INOX will merge with PVR in a share exchange ratio of 3 PVR shares for every 10 INOX shares.
After the merger, the INOX promoters will become co-promoters in the merged entity together with the existing PVR promoters.
The promoters of PVR will have a 10.62 percent share, while the promoters of INOX will have a 16.66 percent share in the combined company, he added.