PSTL to demerge prod & distribution cos; raise Rs 5 billion

MUMBAI: Pyramid Saimira Theatre Ltd (PSTL) is planning to demerge its distribution and production subsidiaries from the parent company. The company also plans to raise approximately Rs 5 billion (Rs 500 crore or $100 million) through international offering of securities including Foreign Currency Convertible Bonds (FCCBs), Global Depositary Receipts (GDRs), American Depositary Receipts (ADRs), subject to necessary approvals.

The de-merger will be that of the distribution arm Pyramid Saimira Content Distribution and the production arm Pyramid Saimira Production International from the parent company. The demerger is subject to necessary approvals.

Additionally, PSTL managing director has been quoted in media reports as saying that a Kolkata based company will be acquiring approximately 40 per cent stake in its production subsidiary Pyramid Saimira Production International and will invest close to Rs 1 billion (Rs 100 crore) in it.

Over the last few months, the company has been in the eye of storm with SEBI. It also sold its UK based gaming subsidiary Aurona Technologies and shut its DTH company Spice.

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