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PVR to use QIP proceeds to reduce debt, scale up expansion, says CFO Nitin Sood

Updated : October 30, 2019 12:31 PM IST

PVR will be using funds raised through qualified institutional placement (QIP) to reduce debt and scale up expansion plans across the country, said Nitin Sood, the chief financial officer of the company.

The company has closed its QIP and 29 lakh shares will be allotted at a price of Rs 1,719 per share, a tad higher than the floor price of Rs 1,709 a share.

“We open 80-100 screens per year and we intend to continue to open more screens and bring better multiplex experience all over the country,” said Sood in an interview with CNBC-TV18.

Sood added that the net debt for the company stands at Rs 1,300 crore, which the firm intends to reduce to Rs 1,000 crore through QIP proceeds.

“Q2 has been one of the strongest quarters in recent times, movie flow has been excellent, he said, adding that the outlook going forward looks strong.

In Q2, the average per person spend on F&B grew 10 percent and total footfall growth was 25 percent from last year. Same-store growth in Q2 was also strong at 6-7 percent, said Sood.
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