PVR - Fund Infusion De-Risks Operations; Reignites Expansion Plans: Nirmal Bang
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NIrmal Bang Report
PVR Ltd. raised equity worth Rs 11 billion in total in FY21 through a qualified institutional placement (QIP) (Rs 8 billion in Jan-Feb 2021) and rights issue (Rs 3 billion in July 2020).
We believe that the QIP reduces its net debt significantly from Rs 11.3 billion at the end of Q3 FY21 to a likely approximately Rs 5 billion by end of Q4 FY21 (after taking into account estimated loss in Q4).
This fund infusion reduces financial risk for the largest film exhibitor in the country and for a speedier screen expansion once the pandemic is put behind.
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