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L Capital Asia exits India's PVR

  • Holden Mann
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L Capital Asia has fully exited its remaining stake in Indian cinema chain operator PVR Cinemas for INR4.8 billion ($76 million).

The firm sold its 6.2 million shares in a series of block deals, according to a statement. L Capital made the sale through its subsidiary Ecosys; the firm originally bought its stake through two separate investments in 2012.

This is L Capital's second exit from PVR; earlier this year the firm sold its stake in subsidiary PVR Leisure back to the parent company for an undisclosed amount. PVR Leisure is a joint venture set up alongside PVR to provide in-mall entertainment, gaming, food and leisure products.

L Capital, which is sponsored by French luxury goods conglomerate LVMH Group, has mainly focused on the apparel sector in its India investments, having supported ethnic clothing brand Fabindia in 2012 and fashion retailer Genesis Luxury Fashion in 2011. Earlier this year the group revealed that it was hoping to invest up to $150 million in the country's e-commerce sector in 2015.

Multiples Alternative Asset Management is another significant investor in PVR. The firm originally invested alongside L Capital in 2012 to support PVR's acquisition of Cinemax India. Multiples then sold about a third of its holding last year, before investing another INR3.5 billion earlier this year and raising its stake to 19.6%.

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