Inox Leisure and PVR announces merger

Together with over 1500 screens combined brand PVR Inox Limited will deliver unparallel cinema experience across India

For every 10 shares of Inox Leisure ,shareholders will receive 3 shares of PVR

The management of both companies approved an all stock amalgamation of INOX with PVR. The amalgamation is subject to approval of the shareholders of INOX and PVR respectively, stock exchanges, SEBI and such other regulatory approvals as may be required.

Post the merger, the promoters of INOX will become co-promoters in the merged
entity along with the existing promoters of PVR. Upon effectiveness of the scheme,
the Board of Directors of the merged company would be re-constituted with total
board strength of 10 members and both the promoter families having equal
representation on the Board with 2 board seats each.

Pavan Kumar Jain would be appointed as the Non- Executive Chairman of the
Board. Ajay Bijli would be appointed as the Managing Director and Sanjeev Kumar
would be appointed as the Executive Director. Siddharth Jain would be appointed
as Non-Executive Non-Independent Director in the combined entity.

The combined entity will be named as PVR INOX Limited with branding of existing
screens to continue as INOX and PVR respectively. New cinemas opened post the
merger will be branded as PVR INOX.

INOX shareholders will receive 3 shares of PVR for 10 shares of INOX. Post the merger, INOX Promoters will have 16.66% stake while PVR Promoters will have 10.62% stake in the combined entity.

INOX Leisure Limited (INOX) operates 160 multiplexes and 675 screens in 72 cities, entertaining close to 70 million patrons every year. PVR currently operates a cinema circuit comprising of 871 screens at 180 properties in 73 cities (India and Sri Lanka), serving over 100 million patrons