Actis close to buy Cinemax
Private equity major Actis is revealed to be the forerunner to buy Cinemax India Ltd,. The multiplex chain had been put up for sale by its promoters.
Kanakia family, the promoters of Cinemax, expects a valuation of around Rs 700 crore, including a debt of Rs 100 crore. The Kanakias own close to 70 per cent stake in the company. The proceeds of the sale will be invested by the promoters in real estate development.
The promoters’ demand is almost double the market capitalisation of the company, as the promoters believe that the company is undervalued compared to its peers and it should get a premium at the current market price.
Actis, cinemax, cinemax india, kanakia fmaily, kanakias, multiplex chain, Multiplexes, PVR, Real estate deal, Retail
