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Multiples to up stake in India's PVR Cinemas

  • Holden Mann
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Multiples Alternative Asset Management has agreed to invest INR3.5 billion ($54.6 million) in Indian cinema chain PVR Cinema, raising its stake in the company to 19.6%.

The investment, which PVR confirmed in a regulatory filing, comes just days after the company announced plans to acquire rival chain DT Cinemas for INR5 billion. After purchasing DT Cinemas, PVR will have a total of 115 locations in 44 cities.

This is the second time Multiples has invested in PVR to support an acquisition. The first investment came in 2012, when Multiples committed INR2.6 billion alongside existing investor L Capital in support of the chain's acquisition of Cinemax India. L Capital exited PVR earlier this year, selling its shares back to the company.

Multiples also part exited PVR last year, selling about a third of its holding over several tranches in August. This is the firm's first investment in the company since then.

Multiples is currently raising its second private equity fund. The fund reached a first close earlier this year at $325 million, and a final close of $650 million is expected by September. The GP follows a sector-agnostic approach and seeks investments in mid-sized companies, management buyouts and spin-off deals.

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