IMAX Corporation (NYSE: IMAX) and INOX Leisure Limited (INOX), a world-class multiplex chain in India, announced an agreement for five new IMAX® theatres. The theatres will be added to new complexes, with two located in the city of Delhi and one theatre each located in the cities of Mumbai, Navi Mumbai and Gurugram. The deal brings IMAX's total number of contracted theatres in India to 40, with 15 currently open and 25 contracted to open.
"We are very encouraged by the rapid pace of our expansion in India, where we've nearly doubled our contracted network in the last year," said IMAX CEO Richard L. Gelfond. "We're seeing an evolution in the world's third-largest box office market towards more premium, event-driven cinema, and believe IMAX is ideally positioned to work together with world-class theatre chain, INOX, who shares our commitment to quality and innovation, to usher in differentiated cinema experiences across their flagship locations in India."
INOX Leisure Ltd. CEO Alok Tandon said, "INOX stands for the best in luxury, comfort and technology. We have always believed in giving a 7-star movie viewing experience to our patrons and there is not a better experience than IMAX. We receive phenomenal responses from our patrons for the IMAX screens we already have. We are delighted to strengthen this and further expand our footprint of IMAX screens with this latest deal and strongly believe that this association will only grow."
Inclusive of today's agreement, INOX has contracted for a total of 10 IMAX theatres, with two open and eight scheduled to open. INOX currently has an IMAX theatre open in Mumbai and another in Bangalore, both of which opened in 2017. With this deal, INOX will add new IMAX theatres to some of India's most prominent commercial developments, including a standalone IMAX theatre at the iconic Paras Theatre location in the heart of South Delhi and a theatre at the Reliance Convention Centre and Retail in Bandra Kurla Complex - Mumbai's prestigious business district.
Shares of INOX LEISURE LTD. was last trading in BSE at Rs.265 as compared to the previous close of Rs. 260.3. The total number of shares traded during the day was 1118 in over 57 trades.
The stock hit an intraday high of Rs. 269 and intraday low of 255.3. The net turnover during the day was Rs. 296848.