PVR buys Cinemax

New Delhi, Nov. 29: Multiplex chain operator PVR will acquire up to 95.27 per cent stake in Cinemax India for about Rs 543 crore. PVR’s wholly owned subsidiary Cine Hospitality will acquire a 69.27 per cent stake owned by the promoter group of Cinemax at a price of Rs 203.65 a share for an all-cash consideration of Rs 395 crore. This will be followed by an open offer for an additional 26 per cent at Rs 203.65 per share.

Govt probe

New Delhi, Nov. 29: A total of 87 firms have come under the government scanner for allegedly running illegal multi-level marketing investment schemes and seven of them are being probed for possibly serious frauds.

Bharti Infratel

Mumbai, Nov. 29: Bharti Infratel, the tower arm of Bharti Airtel, has received regulatory approval for the proposed IPO, which is likely to hit the market on December 10, industry sources said.

Gas panel

New Delhi, Nov. 29: The Prime Minister-appointed Rangarajan Committee is likely to present its report on changes in the present norms for oil and gas exploration contracts as well as gas pricing in the first week of December.