MUMBAI: Delhi-based cinema major PVR Ltd has approved the merger of Leisure World Pvt Ltd (LWPL) with itself.

The board has also approved issue of 152 equity shares of PVR against every 100 equity shares held by the members in LWPL.

LWPL, the promoter‘s closely held company, owns PVR Anupam multiplex, a prime property at Saket area in New Delhi.

The merger will be effective from 1 April 2010.

PVR had appointed PriceWaterhouse (PWC) to get the valuation of PVR and Leisure World and to suggest the swap ratio. PWC had recommended issue of 171 equity shares of PVR against every 100 equity shares of LWPL.