Pyramid plans IPO for film production unit

MUMBAI: Chennai based theatre chain Pyramid Saimira Theatre is planning an IPO (initial public offering) of Rs 1.5 billion (Rs 150 crores) for its film production subsidiary Pyramid Saimira Productions Ltd.

Speaking to, Pyramid Saimira Theatre managing director PS Saminathan said, “We will be raising Rs 150 crores through this IPO. The details will be in place by month end.” The company will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Moreover, Pyramid Saimira is also mulling the acquisition of a company engaged in media space. The company’s board has also approved the increase in authorised capital from Rs 330 million (Rs 33 crores) to Rs 500 million (Rs 50 crores).

The company’s board also approved to invest in other corporate bodies or giving guarantee on behalf of other corporate bodies for a sum not exceeding Rs 25 billion (Rs 2500 crores).

Further the Company has informed that the Board directed the Company Secretary to conduct the Postal Ballot in order to get the approval on the above proposals.

The board has also taken on record various draft financial closure details of Pyramid Saimira Entertainment, Singapore, the subsidiary of the company.

Pyramid Saimira recently acquired Texas-based FunAsia in order to tap the American US market.

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