L Capital backs Indian cinema operator PVR
L Capital, the private equity arm of luxury group LVMH, will invest just under INR1.1 billion ($19.4 million) in cinema and entertainment company PVR for a 10% stake. As part of the deal, L Capital will set up a joint venture with the Indian firm that will focus on in-mall entertainment, gaming, food and leisure.
According to a filing with the National Stock Exchange of India, the private equity unit's Singapore subsidiary, L Capital Eco, will subscribe to 2.88 million shares in PVR at INR200 apiece for a total...
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