PVR to Buy Cinemax for Rs 395 Crore

Cinemax India Ltd, a theater chain operator, said its controlling shareholders will sell a 69.27 percent stake in the company to local rival PVR Ltd for Rs 395 Crore

PVR will buy the stake for Rs 203.65 a share, a premium of 16 percent to Cinemax stock's close on Nov. 28, 2012.

Separately, PVR said it would buy up to 26 percent more of Cinemax shares from public shareholders through a mandatory open offer. The price of the offer was not immediately known.