PVR sells 'iconic' Anupam cine-complex for Rs 52 cr

Multiplex operator PVR has entered into an agreement with an undisclosed buyer to sell its Anupam cine-complex in South Delhi for Rs 52 crore and lease back the property to operate the theatre.

The company said PVR Anupam, opened in 1997, is India's first multiplex with four screens.

"The sale and lease back of the property will provide significant funds for expansion plans of the company and will release substantial capital to fund its future projects," PVR said in a filing to the Bombay Stock Exchange.

The move will also enable the company to improve its Return on Capital Employed and focus on the core operating business of operating and managing multiplex properties across the country on long-term lease basis, it said.

According to the company, the sale and lease back of the above property is in the line with its strategy to maintain an asset-light business model.

PVR shares on Friday closed with a gain of 3.25 per cent at Rs 500.55 on BSE.