MUMBAI: Ajay Bijli-promoted multiplex chain operator PVR, which last week announced acquisition of a majority stake in competing multiplex operator Cinemax India, has received approval from its shareholders to borrow up to Rs 10 billion.

The multiplex operator had convened an extra-ordinary general meeting of its shareholders on Thursday to seek approval for the proposed borrowing plan.

PVR did not state the purpose of proposing such a large borrowing plan. At the end of March 2012, it had long and short-term borrowings of about Rs 1.69 billion.

PVR has agreed to buy the entire 69.27 per cent promoter stake in Cinemax India for Rs 3.95 billion, which will make it the biggest multiplex operator in the country.

PVR with the backing of private equity investors will also make an open offer to public shareholders of Cinemax, which would eventually culminate in the delisting of the company?s shares.

As part of the open offer, Cine Hospitality will acquire up to 7.2 million fully paid-up equity shares of face value of Rs 5 each representing 26 per cent of the fully diluted voting equity share capital of Cinemax at a price of Rs 203.65 per share.

PVR had also got the board approval to issue 10.62 million fully paid equity shares on a preferential basis to Ajay Bijli, Sanjeev Kumar, L Capital, Multiples Private Equity Fund I Limited, and Multiples Private Equity Fund at Rs 245 per share to raise Rs 2.6 billion for the acquisition of the Cinemax stake.

Under the preferential issue of equity shares in PVR Limited, Multiples will invest an amount of approximately Rs 1.53 billion, L Capital would invest approximately Rs 823 million and Promoters would invest approximately Rs 250 million into PVR.

MUMBAI: ImagiNation Edutainment India, a joint venture between Singapore based Kidz Inc and Bollywood star Shah Rukh Khan, will set up an indoor theme park in Mumbai in April 2013 under the KidZania brand.

The Mexican edutainment brand has given the India franchise rights to ImagiNation, a company in which the Bollywood superstar owns 26 per cent stake and KidZ Inc the remaining 74 per cent.

KidZania will soon open the first indoor theme park at R City Mall in the eastern suburbs of Mumbai.

KidZania is an edutainment concept that combines education and entertainment engaging kids between 4 to 14 years with environmental stewardship, career exploration and social consciousness activities. It is exclusively designed to help kids strengthen their ability to manage their world through key aspects of learning ranging from society functions, financial literacy, adult professions, team work, independence, real life skills and self-esteem.

The city for children is spread across 75,000 square feet, and will have buildings, paved streets, vehicles and recognizable destinations, offering kids more than 75 role-playing options in its 60 establishments.

Following Mumbai, KidZania will launch centers in the National Capital Region (NCR) and Bengaluru.

Speaking on his association, KidZania India co-promoter Shah Rukh Khan said, "I am proud to be part of the team bringing KidZania into India, as I know it will make a difference to the children here. As a parent, I realise that children are most receptive when they are having fun, so a platform like KidZania that brings entertainment and education together will add value to their lives. India is a young country and we need to focus on building a strong future - KidZania will in many ways provide that by building awareness amongst our children through an experience that is hands-on, engaging, educational, and most importantly, fun."

KidZania‘s revenue stream includes tickets, corporate events and CSR activities among others. The entry ticket for the kids will be in the range of Rs 700 for five hours.

Speaking on the India foray, KidZania Director and CEO Sanjeev Kumar said, "Brands are a key component of the experience as they make it authentic by linking it to the real world. We are looking at partnering with brands that are aligned to the KidZania philosophy of developing the future of children."

Headquartered in Mexico, KidZania was founded in 1996 by a young entrepreneur, Xavier Lopez, who dreamt of creating a place where kids could have fun while enjoying real life experiences. Till date, KidZania has a footprint in seven countries worldwide across 11 centers, with 12 more centers under development and to be launched by 2014.