Midvalley opens on 10 January, 2011 to raise Rs.60 Cr through IPO

MUMBAI: Midvalley Entertainment is entering the capital market with a public issue of equity shares of Rs.10 each in the price band of Rs.64 to Rs.70 per share aggregating to Rs.60 crores.  The 100% Book Built issue will open on Monday, 10 January, 2011 and close on Wednesday, 12 January, 2011.

Out of the IPO proceeds, the company plans to spend Rs.15 crore by entering into screening agreements with 300 cinema theatres in Tamil Nadu, Andhra Pradesh and Karnataka, Rs 25.95 crore for renovation and up-gradation of cinema infrastructure with digital equipment and other related assets for select 100 screens in south India, Rs.12 Cr for acquisitions of the companies in the similar line of business and the balance for other general corporate purposes.

Aryaman Financial Services is the book running lead manager to the IPO .