PVR shares in the red after 4.7 million units change hands in a huge block deal

Around 4.7 million shares or 7.7% stake of the firm changed hands at an average price of Rs 1892 a share

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Shares of PVR Ltd on Thursday opened sharply lower after a huge block deal in which around 4.7 million shares changed hands, Bloomberg reported. Details of the buyers and sellers are not known so far.

The stock opened 2.3 percent lower on the BSE to hit a low of Rs 1,882 a share. Around 4.7 million shares or 7.7 percent stake of the firm changed hands at an average price of Rs 1,892 a share, Bloomberg report added.

On Wednesday, CNBC TV18 reported four investors in movie theatre chain PVR Ltd will offload a 7.7 stake in the company through a single block deal. The four included Multiples PE, Grey Birch, Plenty PE and Berry Invt.

CNBC Awaaz had pegged the offer price for the block deal in the range of Rs 1,852 to Rs 1,929 per share and said that Kotak Securities will broker the deal.

In the quarter ending June 2022, the multiplex operator reported a net profit of Rs 68.3 crore, as against Rs 44.2 crore in the pre-Covid period of Q1 FY20.

PVR’s net box office stood at Rs 530 crore for the quarter ended June 2022, compared to Rs 456.6 crore reported in Q1 FY20.