K Sera Sera to raise $50 mn for expansion

MUMBAI: K Sera Sera Productions Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, inter alia, to discuss the fund raising programme of the company up to $ 50 million for the expansion of the company.

At the Board of Directors meeting K Sera Sera Productions Ltd declared a net loss of Rs 23 crore. Of this, approximately 12- 13 crore are reported as operational losses and balance being towards administrative losses.

Also at the meeting concluded on Wednesday the company’s proposal of raising funds of $ 50 million for expansion of the company, has been approved. “However it is only in the course of 4 weeks that the core team of the company will be able to devise a strategy for the appropriate allocation of funds”, informs Rajesh Pavithran, CEO, K Sera Sera.

He further adds, “These funds will be directed primarily towards film production for projects that will be lined up in the year 2008 and ’09. We are yet to close on our programming deals with television channels.” It has been close to one and a half years since the company’s split with Ram Gopal Varma, after which they did not manage to produce any boastful content. But this time has been spent in building up content for the forthcoming years, assures Pavithran.

About K Sera Sera’s line up of releases he informs, Nanhe Jaisalmer starring Bobby Deol is ready for release. David Dhawan directed Partner starring Salman Khan and Govinda will release on 5 July by Eros. Ek starring Bobby Deol and Nana Patekar will release on 30 August. All these films will be released by Eros.    

Furthermore Madhavan starrer Ivar Oruyam is also complete and will release 4-6 weeks after Sivaji. Piyadarshan directed Chal Chalal Chal starring Govinda and Rajpal Yadav will release in the first or third week of August. Kisse Pyar Karu starring Arshad Warsi, Ashish Chaudhry and Yash Tonk will release in September. While these are films on production front, there have been no buys for distribution of films currently.As per the three film deal with Deol’s Vijyeta Films, an untitled film starring Sunny Deol, Pankaj Kapoor will go on floors soon. Heroine for the film is yet to be finalized.