PVR, Inox Announce Merger; Ajay Bijli Appointed As MD

The amalgamation is subject to the approval of the shareholders of PVR and INOX, respectively, stock exchanges, SEBI, and such other regulatory approvals as may be required Multiplex giants PVR and Inox on Sunday announced their merger as they received approval from the board of directors for the stock amalgamation of Inox with PVR. The board also approved the appointment of Ajay Bijli as the Managing Director of the combined entity and Sanjeev Kumar as the Executive Director. Chairman of INOX Group Pavan Kumar Jain will be appointed as the Non-Executive Chairman of the Board. Siddharth Jain will be appointed as Non-Executive Non-Independent Director in the combined entity. The amalgamation is subject to the approval of the shareholders of PVR and INOX, respectively, stock exchanges, SEBI, and such other regulatory approvals as may be required. The combined entity will be named PVR INOX Limited with the branding of existing screens to continue as PVR and INOX, respectively. New cinemas opened post the merger will be branded as PVR INOX.