Mumbai, January 27: Theatre chain PVR Ltd today said the completion of its acquisition of DT Cinemas, a subsidiary of DLF, has been deferred till February 15, 2010, due to pending compliance issues.
In a letter to the Bombay Stock Exchange, PVR said the two parties have mutually agreed to extend the deadline for completing the deal until February 15, 2010.
As part of an acquisition deal signed in November last year, PVR was supposed to pay Rs 20.20 crore and issue 25.57 lakhs shares on a preferential basis to DT Cinemas
The issue of preferential shares was, however, subject to completion of certain pending compliances by DT Cinemas and the deal could be terminated if the acquisition conditions were not satisfied within 60 days of signing the agreement (on November 13, 2009) unless the period was mutually extended.
–Agencies