PVR surges 5.5% post acquiring DLF's DT Cinemas

Shares of multiplex operator PVR rallied 5.5% on Wednesday, a day after it acquired real estate major DLF's DT Cinemas for Rs 500 crore.

The stock jumped 5.53% to Rs 703.30 on BSE.

On NSE, it gained 5.14% to Rs 701.

PVR yesterday closed a deal acquiring DLF's DT Cinemas for Rs 500 crore, which marked yet another consolidation in the movie exhibition space in India.

Ajay Bijli-controlled PVR Cinemas, which had aborted a similar deal with DLF in February 2010, yesterday signed a definitive agreement with the realty major to acquire 39 screens of DT Cinemas with a total capacity of around 9,000 seats.

The deal is PVR's second major buyout after Cinemax deal for Rs 395 crore in 2012.

Post-acquisition, PVR will have presence in 44 cities with 115 multiplexes and 506 screens, it said in a statement.