Excerpts from CNBC-TV18’s exclusive interview with Sanjeev Kumar Bijli:
Q: What is the exact amount of money that you will have raised with this increased shareholding?
A: We have raised Rs 120 crore. It is Rs 60 crore each from both investors - ICICI and JP Morgan.
Q: ICICI Ventures already has a shareholding in your company. What would be the new stake that they would have? What would be the shareholding?
A: They actually had come in into PVR Limited earlier. But post the IPO, they had divested most of the investment. So, in PVR Pictures, which is a subsidiary, they have come in at about 20% now.
Q: What is the key use of the Rs 120 crore?
A: Since this is coming into PVR Pictures, we are going to be looking at deploying these funds into film production and distribution. We have had a good start with Taare Zameen Par and have got another film coming up in July. So, this is purely for content.
Q: If I get you right, it has come to a subsidiary, PVR Pictures, is it?
A: That is right.
Q: Will you be looking for more support in terms of selling shares and raising money?
A: No. This is it for now. Obviously, this will see us through for a number of years. We are hoping that we will be able to deploy them and get some good films going.
Q: At this point, what is PVR’s holding in PVR Pictures?
A: 60%.
Q: That obviously would have gone down after this increase in capital from outsiders?
A: Now, it has gone down to 60% with the capital infusion.
Q: Are there any moves to raise money in the parent company, PVR as well?
A: No, not right now. Not as of now. We have had a healthy year, and with internal accruals and the IPO funds we raised earlier, we are pretty much on track right now.
Q: What is the number of shares you have issued to these two shareholders? What is the price they have paid per share?
A: I don’t have the details right now, because we have just signed it only yesterday. A lot of the paperwork is still being done. I am sure we will announce everything once that is done with.
Q: What is the dilution? How many new shares have you issued?
A: We have diluted 40%.
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