PVR-Inox merger has been approved by the National Company Law Tribunal, Mumbai today. The NCLT judge has approved the scheme of merger in a verbal order, sources told CNBC-TV18.

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A written order is likely to be passed in next 15-20 days.

On March 27, PVR and Inox Leisure announced their merger, which has already been approved by their respective shareholders, creditors as well as leading bourses NSE and BSE.

PVR Chairman Ajay Bijli had said in December that he expects Inox merger to be completed within this fiscal year. "On December 15, we had a hearing with NCLT and the next date has been given as January 12. It is a matter of regulatory approvals and so far it is going at the right speed. It would not be too far," Bijli said on December 16, 2022.

Also read: PVR Chairman Ajay Bijli expects Inox merger to be completed this fiscal

The two companies' boards — the country's largest multiplex chain operators — approved an all-stock merger to create a film exhibition entity with a network of more than 1,500 screens.

The share-swap ratio in the merger stands at three shares of PVR for 10 shares of Inox — which means investors will get three shares of PVR for every 10 INOX shares held.

Also read: PVR-Inox merger: Will your popcorn or ticket price get expensive? Here is what experts think

First Published:Jan 12, 2023 3:34 PM IST