Merger boost: Inox Leisure zooms 20%, hits record high; PVR jumps 10%
Shares of PVR and Inox Leisure zoomed up to 20 percent on the BSE in Monday's intra-day trade after they announced a merger between the two major multiplex owners, in an all-stock amalgamation of Inox with PVR. Shareholders of Inox will receive three shares of PVR in exchange for 10 shares in Inox.
In trades so far, Inox Leisure hit a record high of Rs 563.60, zooming 20 percent in intra-day trade. The stock surpassed its previous high of Rs 510.80 touched on February 25, 2020. As of 09:17 am, the stock traded 15 percent higher at Rs 540, as compared to a 0.06 percent decline on the S&P BSE Sensex.
PVR, meanwhile, surged 10 percent to Rs 2,010, also its 52-week high on the BSE. The stock trimmed gains mildly and was up 5 percent at Rs 1,925.25 later. It had hit a record high ...