PVR, the country’s largest multiplex major, has had a good run since the acquisition of Cinemax India in 2012 for ₹395 crore with the stock gaining 256% to its current level of ₹654. The Renuka Ramnath-floated Multiples Private Equity Fund, which had picked up over 13% stake in the company at ₹245 a share in the same year through a preferential allotment, has part encashed on the rally in the stock. Multiples sold 935,000 shares (2.27%) on July 4 in the open market, netting gains of ₹39 crore based on the selling price of ₹662. As on date, the PE fund holds over 12% stake in the company. Incidentally, just days after the sale, Ajay Bijli, the promoter and CMD, picked up over 112,000 shares from the open market at ₹628 a share, increasing his personal holding from 4.53% to 4.65%. The promoters held 24.35% stake as of June 2014. PVR, which currently has 444 screens in 101 properties spread across 43 cities, is eyeing 1,000 screens by 2017-18. It plans to open 100 new screens in the current fiscal with an investment of ₹250 crore. Not surprisingly, analysts are bullish on the stock with target prices ranging between ₹800 and ₹900. Given the big picture, it looks like Bijli believes the show has just begun at PVR.