PVR Cinemas promoters pledge 11.41 pc stake
Bijli Holdings, owners of PVR Cinemas, today said it has pledged 32.93 lakh shares or 11.41 per cent in the film exhibitor to L&T Finance.
"Bijli Holdings PVT LTD has created pledge against 32.93 lakh shares of PVR Ltd on November 27, 2012 in favour of L&T Finance Limited to secure financial facility...", PVR Cinema said in a filing to stock exchanges.
It was yesterday incorrectly reported that L&T Finance had picked up 11.4 per cent stake in the PVR limited.
L&T Finance is a subsidiary of Larsen and Toubro Finance Holdings. It was incorporated as a Non-Banking Finance Company in November 1994.
PVR Ltd is a cinema exhibitor with presence in about 24 cities including all the four metros, according to information available on its website.