INOX Leisure rises on executing agreement with Jazz Cinemas
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Inox Leisure is currently trading at Rs. 506.50, up by 5.55 points or 1.11% from its previous closing of Rs. 500.95 on the BSE.
The scrip opened at Rs. 502.10 and has touched a high and low of Rs. 508.85 and Rs. 502.10 respectively. So far 2990 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 622.30 on 04-Aug-2022 and a 52 week low of Rs. 340.80 on 06-Dec-2021.
Last one week high and low of the scrip stood at Rs. 515.65 and Rs. 495.00 respectively. The current market cap of the company is Rs. 6128.58 crore.
The promoters holding in the company stood at 44.03%, while Institutions and Non-Institutions held 43.25% and 12.72% respectively.
INOX Leisure has executed an agreement with Jazz Cinemas for transfer of Luxe Cinemas, the theatre business of Jazz Cinemas, on a going concern basis, by means of a slump sale (Business), on terms and conditions, more specifically defined in the Agreement. The Agreement records the process and manner of the transfer of the Business, including the conditions precedent etc.
The Board of Directors of the Company and Jazz Cinemas have approved the Agreement, the completion of which is subject to legal, regulatory, contractual and customary approvals (as applicable) and the completion of the agreed conditions set out in the said Agreement.
The Company will not be acquiring any shareholding or control in Jazz Cinemas nor will the Company be issuing any shares to Jazz Cinemas, pursuant to the Agreement. The parties to the Agreement are not related to the promoter, promoter group or group companies of the Company. Further, the Agreement would not fall within the ambit of related party transactions.
INOX Leisure is amongst India’s largest multiplex chains.
