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PVR Limited files draft Red Herring Prospectus with Sebi
MUMBAI: Delhi-headquartered multiplex cinema operator PVR Limited has filed its Draft Red Herring Prospectus with the Securities & Exchange Board of India (SEBI) to enter the capital market with its initial public offering of 7,700,000 equity shares of Rs. 10 each for cash at a price to be determined through the book building process.
The Book Running Lead Managers to the issue are ICICI Securities Limited and Kotak Mahindra Capital Company Limited.
The proceeds from the Issue would be utilised to finance new cinema projects, expand film distribution business, technological upgradation and renovation of cinemas. The Company plans to expand its cinema footprint and set up new cinemas in Mumbai, Hyderabad, Delhi, Indore, Gurgaon, Lucknow, Chennai, Ludhiana, Aurangabad and Latur, states an official release.
The issue comprises of a fresh issue of 5,700,000 equity shares by the company and an offer for sale of 2,000,000 equity shares by The Western India Trustee and Executor Company Limited in its capacity as trustee of India Advantage Fund – I acting through its investment manager ICICI Venture Funds Management Company Limited.
The issue comprises of a contribution from the promoters of 300,000 equity shares by Priya Exhibitors Private Limited, one of the promoters of PVR Limited, and a reservation for employees of 150,000 equity shares. Thus, the net issue to public stands at 7,250,000 equity shares, the release adds.
Of the net issue to public, up to 50 per cent i.e. up to 3,625,000 equity shares are reserved for allocation to the Qualified Institutional Buyers including Mutual Funds, on a proportionate basis. Out of this reserved portion, 5 per cent or 181.250 equity shares have been exclusively reserved for allotment to Mutual Funds on a proportionate basis.
Of the balance, at least15 per cent of the net issue (at least 1,087,500 equity shares) have been reserved for allocation to Non-institutional investors and at least 35 per cent of the net issue i.e. at least 2,537,500 equity shares have been reserved for allocation to retail investors on a proportionate basis.
The issue will constitute 33.66 per cent of the fully diluted post-issue capital of the company of Rs. 228.7 million.
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Netflix acquires Ben Affleck’s AI film-tech firm InterPositive
Streaming giant picks up production startup to streamline digital filmmaking
LOS ANGELES: Netflix has officially acquired InterPositive, an AI film-technology startup founded by actor and director Ben Affleck. The move marks a significant investment by the streaming service into assistive AI tools designed to support the technical side of movie production. While many AI companies focus on generating new images or scripts, InterPositive focuses on the logistical challenges of filmmaking. The firm’s technology is designed to handle technical tasks that often delay post-production, such as correcting lighting inconsistencies and ensuring visual continuity across different takes.
The acquisition is not about replacing human actors or writers. Instead, Netflix intends to use the technology as a digital assistant for directors. The software understands cinematic logic, meaning it can automatically adjust background elements or environmental effects to ensure a film looks polished and consistent without months of manual editing.
In a Netflix post on Thursday, Affleck emphasised that the project was born out of a desire to support the craft rather than automate it. “I knew I had a responsibility to my peers and our industry, to protect the power of human creativity and the people behind it. In creating InterPositive, I sought to do just that,” Affleck wrote. “From the invention of the moving image to the transition to digital, from motion capture to virtual production, technology has evolved alongside the artists who use it. Our shared commitment to continuing this legacy makes joining together a natural next step.”
Netflix chief product and technology officer Elizabeth Stone said, “Our approach to AI has always been focused on meaningfully serving the needs of the creative community. InterPositive’s technology is purpose-built for filmmakers and showrunners to naturally support their visions. We’re excited to welcome the team to Netflix and continue building a future where technology enhances storytelling, while people remain at the core.”
Netflix chief content officer Bela Bajaria added, “New tools should expand creative freedom, not constrain it. Ben and his team are part of a long tradition of artists leading innovation in storytelling. Their work gives filmmakers more choices, control, and protection for their vision.”
The deal coincides with a broader partnership between Netflix and Artists Equity, the production company led by Affleck and Matt Damon. Following the success of their recent projects on the platform, this acquisition cements Affleck’s role as both a creative and technical advisor to the streamer. Affleck noted that the partnership was a logical fit due to “Netflix’s decades of experience applying and scaling technology responsibly.” He will serve as a senioradvisor for the integration of the technology, ensuring the tools remain focused on helping filmmakers.
For the film industry, this acquisition signals a shift in strategy. Rather than just buying finished movies, Netflix is now owning the specialized technology used to build them. By bringing these tools in-house, the company aims to reduce the rising costs and lengthy timelines associated with high-budget original films while giving their productions a technical edge in speed and visual quality.
