INOX Leisure board is meeting on September 25 to consider and approve the proposed merger with Satyam Cineplexes, a wholly-owned subsidiary of the company.
We thought it would make sense for us to merge that entity with INOX so that we have the combined benefits of revenues
Deepak Asher
President & Director
INOX Leisure
INOX Leisure board is meeting on September 25 to consider and approve the proposed merger with Satyam Cineplexes, a wholly-owned subsidiary of the company.
In an interview to CNBC-TV18, Deepak Asher, President and Director of INOX Leisure, said the merger was on the cards. "We acquired Satyam a month ago and since it's a 100 percent subsidiary of INOX Leisure, we thought it would make sense to merge the entity with us so that we have combined benefits of the revenue."
The acquisition of Satyam Cineplex has strengthened Inox Leisure's presence in North India, where PVR is a dominant player.
Since Satyam is a 100 percent subsidiary, there won't be any additional share issue, Asher said, adding that the move will lead to improved revenues and bottomline. He said that post-deal, the company would be able to negotiate better with supply chain.
Below is the transcript of Deepak Asher's interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy
Sonia: Can you just tell us about the proposal to merge Satyam Cineplexes and what it would actually bring to the table in terms of combined revenues for the company?
A: This merger was on the cards for quite a while, as you know we acquired Satyam Cineplexes about a month ago and since it's a 100 percent subsidiary of INOX Leisure, we thought it would make sense for us to merge that entity with INOX so that we have the combined benefits of revenues as well as the synergies of the economies of scale that both these operations together will bring to us.
INOX Leisure stock price
On September 18, 2014, at 09:23 hrs INOX Leisure was quoting at Rs 171.65, up Rs 8.60, or 5.27 percent. The 52-week high of the share was Rs 181.70 and the 52-week low was Rs 70.50.
The company's trailing 12-month (TTM) EPS was at Rs 2.37 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 72.43. The latest book value of the company is Rs 40.56 per share. At current value, the price-to-book value of the company is 4.23.
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