Pyramid Saimira Theatre to raise $450 million

MUMBAI: Pyramid Saimira Theatre will be raising a sum of $ 450 million by issuing shares to qualified institutional buyers (QIBs). The company’s board has given its approval for the same.

As was reported earlier by, the company is also planning to list its production arm, Pyramid Saimira Production International Ltd on the Indian bourses within two – three months. Plans are also to raise up to Rs 18 billion (Rs 1800 crores).

Pyramid Saimira Production International will be investing a sum of Rs 750 million (Rs 75 crores) for various projects. Pyramid Saimira has as many as 52 films lined up for the next 12 months. The company has also announced the production of the first 10 Tamil films this fiscal year. A total investment of Rs 350 – 400 million (Rs 35 – 40 crores) will go towards the production of these 10 films. A total of 24 Tamil films are in the pipeline from the company.

Pyramid Saimira Theatre Limited’s (PSTL) turnover for the year ending 31 March, 2008 stood at Rs 7.49 billion (Rs 749.31 crores) with a PAT of Rs 578.70 million (Rs 57.87 crores), as against corresponding figures of Rs 1.65 billion (Rs 164.76 crores) and Rs 134.30 million (Rs 13.43 crores) for the previous year.

This company added 500 screens during the year. As on 31 March, 2008, the company operated a total of 765 screens, with a seating capacity of 4.86 lakhs and registered a foot fall of 175 million people with average revenue of Rs 40.05 per patron, during the year. The average capacity utilization for the year under review stood at 36.40 per cent.

The Group has posted a consolidated turnover of Rs 10.62 billion (Rs 1,062 crores) with a net profit of Rs 1.18 billion (Rs 117.93 crores), during the year ended March 31, 2008.

The company now has a presence in entertainment verticals such as production, post production, distribution, exhibition, gaming, advertising, OOH and DTH.

Pyramid Saimira group chairman P. S. Saminathan said, “The year 2007-08 has been a memorable one for all of us at Pyramid Saimira. We have seen a number of milestones, expanded into six countries, added eight more business segments and redefined the entertainment space in India. We also brought into our fold, as many as 500 screens this year, taking the total number of screens at our command, up to 765. While the year 07-08 has been marked by rapid growth and expansion, during the current year, we intend looking towards integrating and unifying the synergies across the group and focus on excellent governance standards, to deliver consistent growth, stability with reliability to all our stakeholders.”