The PVR management has confirmed that it in talks with the promoters of Cinemax promoters to acquire the chain.

"It is engaged in active discussions with the promoters of Cinemax India for a potential purchase of their shares in Cinemax. However, no definitive agreements have been entered into in this respect," wrote PVR in a filing with the stock exchange.

Cinemax, which is owned by real estate group Kanakia, has said earlier that its promoters are evaluation options for sale. Promoters currently own around 69 percent of Cinemax and after acquisition, PVR might announce an open offer to acquire the remaining stake in the company. Cinemax currently operates 39 properties with a total of 138 screens. PVR currently has around 210 screens across the country.

The shares of Cinemax shares opened lower but then increased to a new high of Rs 177.70 on the National Stock Exchange (NSE). The shares were trading 3 per cent higher at Rs
177.60 while shares of PVR were 0.7 percent higher at Rs 245.

During the previous one month, the shares of Cinemax have increased 132 percent while that of PVR increased more than 8 percent.