Shardul Amarchand, Khaitan act on the largest multiplex merger of PVR - INOX

Leading film exhibition players PVR Cinemas and INOX Leisure Ltd have decided to merge to create the largest multiplex chain in the country with a network of more than 1,500 screens.

Shardul Amarchand Mangaldas represented PVR Cinemas in the deal.

The team was led by Partners Raghubir Menon and Anirban Bhattacharya along with Principal Associate Tanya Pahwa, Senior Associates Tushnaz Patel and Swati Sharma and Associates Shrungar Bhuva, Devangana Mandal, Shubhangi Maheshwari, Parth Sharma and Manisha Nayak.

The securities team was led by Yogesh Chande, Partner and Kanwardeep Kapany, Principal Associate, together with Preeti Kapany, Associate and Shweta Ojha, Associate.

The competition team was led by Shweta Shroff Chopra, Partner and Manika Brar, Partner, together with Aniket Ghosh, Senior Associate and Apurv Jain, Associate.

The litigation team was led by Anirudh Das, Partner.

The intellectual property team was led by J.V. Abhay, Partner, together with Madhur Chopra, Senior Associate.

Khaitan & Co acted for INOX Ltd and the team was led by Partner Ashraya Rao along with Senior Associates Kaushik Babu, Rushabh Gala and Amit Panwar.

Khaitan Support team members:

Competition Law aspects: Manas Kumar Chaudhuri (Partner), Anisha Chand (Partner) and Soham Banerjee (Senior Associate)

Intellectual Property aspects: Adheesh Nargolkar (Partner), Smriti Yadav (Partner), Dhiren Karania (Principal Associate), Sunaina Brahma (Senior Associate) and Abdul Hannan (Associate)

Due diligence aspects: Ravali Rayaprolu (Associate), Arka Banerjee (Associate), Hansaja Pandya (Associate), Saranya Mishra (Associate) and Vaishanshi Bharadwaj (Associate)

The merged entity will be named as PVR INOX Ltd, and the branding of existing screens to continue as PVR and INOX respectively.

Post Merger:

• INOX Promoters will have 16.66% stake while PVR Promoters will have 10.62% stake in the combined entity.

• The promoters of INOX will become co-promoters in the merged entity along with the existing promoters of PVR.

Upon effectiveness of the scheme, the Board of Directors of the merged company would be re-constituted with total board strength of 10 members and both the promoter families having equal representation on the Board with 2 board seats each.

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