Ashtavinayak raises $33 mn via FCCBs

MUMBAI: Film production and distribution company Shree Ashtavinayak Cine Vision has raised $33 million (approximately Rs 1.32 billion) via foreign currency convertible bonds (FCCBs), with an option to raise an additional $5 million.


The proceeds of the issue shall be utilised for production of movies and purchase of IPR of movies outside India. Speaking to, Shree Ashtavinayak Cine Vision managing director Dhilin Mehta says, “These funds will be deployed for our company’s global expansion, to target markets like Mauritius, the US and the UK.”


He further adds, “We are looking at exploring production and distribution opportunities for Hindi and international films. We are in the process of finalizing scripts. It is too early to announce anything now.”


The bonds have a maturity of five years due on 2012. The underlying equity shares on conversion will be listed on BSE and NSE. The FCCBs will be listed on the Singapore Stock Exchange.


The company recently produced the Shahid Kapur – Kareena Kapoor starrer Jab We Met and also distributed Welcome, Heyy Baby and Om Shanti Om in select territories. Apart from that Shree Ashtavinayak Cine Vision has also signed Kareena Kapoor for a three film deal. The company’s forthcoming projects also incude Rohit Shetty’s Golmaal 2Rohit Jugrag’s film Superstar starring Kunal Khemmu, Tulip and Aushima Saawhney as well as Sanjay Gadvi’s multi starrer film Kidnap.


The company is also producing a film tentatively titled Chala Murari Murder Karne. It will be directed by Shivam Nair and stars Paresh Rawal, Naseerudin Shah, Boman Irani, Om Puri and Neha Dhupia. The release date of the film will be announced later.