PVR Cinemas promoters pledge 11.41 per cent stake to L&T Finance

Bijli Holdings,owners of PVR Cinemas, on Friday said it has pledged 32.93 lakh shares, or 11.41 per cent, in the film exhibitor to L&T Finance.

L&T Finance is a subsidiary of Larsen and Toubro Finance Holdings. It was incorporated as a Non-Banking Finance Company in November 1994.

"Bijli Holdings PVT LTD has created pledge against 32.93 lakh shares of PVR Ltd on November 27, 2012 in favour of L&T Finance Limited to secure financial facility", PVR Cinema said in a filing to stock exchanges.

It was on Thursday incorrectly reported that L&T Finance had picked up 11.4 per cent stake in the PVR Limited.

PVR Ltd is a cinema exhibitor with presence in about 24 cities, including all the four metros, according to information available on its website.

With inputs from PTI