PVR rights issue subscribed 2.23 times

Leading multiplex operator PVR's rights issue has been subscribed 2.23 times, according to data available with stock exchanges.

Its rights issue opened on July 17 and closed on July 31.

According to issue subscription data, PVR proposed to issue 38.23 lakh equity shares.

The company's board had fixed rights issue price at Rs 784 per equity share, including a premium of Rs 774 a share over the face value of Rs 10 per share.

According to exchange data, the rights offer received bids for 85.29 lakh shares by the time of closure of offer on July 31, including non ASBA (Application Supported by Blocked Amount) bids.

The offering received bid applications for 47.90 lakh shares on the BSE and 37.39 lakh shares on the NSE.

Earlier on July 6, the board of the PVR had approved to raise funds worth Rs 300 crore by rights issues through the issuance of equity shares of the face value of Rs 10 each on rights issue basis.

For the January-March quarter, PVR had reported a consolidated net loss of 74.61 crore. Its revenue from operations was down to Rs 645.13 crore during the quarter from Rs Rs 837.63 crore in the corresponding period of the last fiscal.

Shares of PVR Ltd on Monday settled at Rs 1,088.30 per unit on the BSE, up 0.35 per cent from the previous close.