INOX Leisure to acquire Luxe Cinemas, theatre business of Jazz Cinemas

14 Oct 2022 , 09:16 AM

INOX Leisure Ltd on Thursday 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.

The Board of Directors of the Company and Jazz Cinemas Private Limited have approved the Agreement. Under this, 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. There are no other disclosures related to the Agreement including in relation to appointment of any nominee director on the Board of INOX Leisure Limited or any potential conflict of interest arising out of the Agreement.

Jazz Cinemas Private Limited owns and operates Luxe Cinemas at Central Chennai with 11 screens with total seating capacity of 2688. Post the closure of the Agreement, INOX will be present in 74 cities with 166 Multiplexes, 716 screens and a total seating capacity of 159978 seats across India.

On Friday morning  trade, Inox Leisure was trading at Rs502.10 per share higher by 0.23% on the BSE.

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