Shares of cinema chain PVR Inox were gaining on Friday after reports that two private equity firms were set to dump a small stake in the firm.

What Happened: Plenty Private Group and Multiples Private Group are set to divest a combined 2.33% stake in PVR Inox, India’s largest multiplex operator, CNBC-TV18 reported, citing sources.

The estimated offer size for the stake divestment stands at ₹404.5 crore, with the offer expected to be priced in the range of ₹1,750-1,769.5 per share, the sources added. This suggests a potential discount of up to 1.12% on the stock’s previous closing price.

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Strong Season: PVR Inox reported a significant turnaround in its financial performance in its September quarter, recording a profit of ₹166 crore versus a loss of ₹82 crore in the preceding quarter. The company’s revenue for Q2 surged over 53% sequentially to ₹1,999.9 crore.

In the quarter ended September 30, PVR Inox witnessed an 830 basis-point increase quarter on quarter, reaching 35.3%. The company’s operating profit doubled from ₹353 crore in the June quarter to ₹706.8 crore in the September quarter.

The second quarter of the financial year marked a historic milestone for PVR INOX, setting records for admissions, average ticket price and spending per head. The firm declared the quarter as its best ever, achieving the highest-ever revenue, profit after tax, and EBITDA.

PVR-INOX Ltd was formed following the merger of two leading cinema brands, PVR and INOX Leisure, effective from February 6. Operating 1,711 screens at 359 properties across 114 cities in India and Sri Lanka, including its property in Colombo, the company is a significant player in the entertainment sector.

Price Action: PVR Inox’s share price was up 1.86% at ₹1,802.80 at the start of trade on Friday.

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