News Broadcasting
PVR fixes IPO price band at Rs 200-240
MUMBAI: Multiplex cinema operator PVR Limited has announced the price band of Rs 200 to Rs 240 for its forthcoming initial public offering (IPO) of 7,700,000 equity share of Rs 10 each at a price to be determined through the book building process.
The issue comprises 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 a trustee of India Advantage Fund – I, a trust registered under the Indian Trusts Act, 1882, acting through its investment manager, ICICI Venture Funds Management Company Limited.
The IPO comprises a net issue to public of 7,250,000 equity shares, a reservation of another 150,000 equity shares for allotment to employees on a proportionate basis, subject to a maximum bid amount of Rs 2,500,000 by any employee and contribution from one of the promoters, Priya Exhibitors Private Limited of 300,000 equity shares brought in at least one day prior to the bid/ issue opening date, states an official release.
Of the net issue to public, the company proposes to reserve up to 50 per cent or upto 3,625,000 equity shares for allotment 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 and the remainder is reserved for allotment to all QIBs, including Mutual Funds, the release adds.
Of the balance, at least 15 per cent of the net issue to the public or 1,087,500 equity shares would be allotted to non-institutional investors on a proportionate basis and at least 2,537,500 equity shares, which works out to at least 35 per cent of the net issue to the public, are reserved for allotment be allotted to retail investors on a proportionate basis.
The proceeds from the IPO would be utilised, among other things, to finance new cinema projects, expand film distribution business, technological upgradation and renovation of cinemas. The company plans to set up cinemas in Mumbai, Hyderabad, Delhi, Indore, Gurgaon, Lucknow, Chennai, Ludhiana, Aurangabad and Latur.
News Broadcasting
BBC to cut up to 2,000 jobs in biggest overhaul in 15 years
Cost pressures and leadership change drive major workforce reduction plan
LONDON: BBC has unveiled plans to cut up to 2,000 jobs, roughly 10 per cent of its global workforce, in what marks its biggest downsizing in 15 years.
The announcement was made during an all-staff meeting led by interim director-general Rhodri Talfan Davies, as the broadcaster moves to tackle mounting financial pressures and reshape its operations.
Between 1,800 and 2,000 roles are expected to be eliminated from a workforce of around 21,500. The cuts form part of a broader plan to save £500 million over the next two years, aimed at offsetting rising costs, stagnating licence fee income and weaker commercial revenues.
In a communication to staff, BBC interim director-general Rhodri Talfan Davies said, “I know this creates real uncertainty, but we wanted to be open about the challenge,” acknowledging the impact the move would have across the organisation.
The restructuring comes at a time of leadership transition. Former director-general Tim Davie stepped down earlier this month, with Matt Brittin, a former Google executive, set to take over the role on May 18, 2026.
While some cost-cutting measures are being implemented immediately, the majority of the structural changes are expected to roll out over the next few years, with full savings targeted by the 2027–2028 financial year.
The broadcaster had earlier signalled its intent to reduce its cost base by around 10 per cent over a three-year period, warning of “difficult choices” as it adapts to shifting economic realities and audience expectations.
With operating costs hovering around £6 billion annually, the BBC’s latest move underscores the scale of the financial challenge it faces, as it balances public service commitments with the need for long-term sustainability in an increasingly competitive media landscape.
