Pyramid Saimira to invest Rs 3 billion in group companies

MUMBAI: Pyramid Saimira Theatre Ltd will be investing Rs 3 billion (Rs 300 crores) in its group companies, it was discussed at a meeting of the company’s board members.

Additionally, Pyramid Saimira Entertainment Ltd, Singapore, is considering a proposal to acquire majority stake in Pyramid Saimira Production International Ltd to leverage and synergize production and distribution operations.

The board members agreed to increase the borrowing powers from the present Rs 15 billion (Rs 1,500 crores) to Rs 30 billion (Rs 3,000 crores).

The company’s food and beverages business also commenced as contemplated in the “other object” of Memorandum of Association.

The board directed the company secretary to convene an extraordinary general meeting to get the approval of the shareholders, on the above proposals.

Additionally, the meeting also considered and took on record the following:
– Pyramid Saimira Production International Ltd, a subsidiary of Pyramid Saimira Theatre Ltd, is engaged in production of feature films and television content.

– Pyramid Saimira Entertainment Ltd, Singapore, a wholly-owned subsidiary of Pyramid Saimira Theatre Ltd, is engaged in distribution of content procured from all over the World.

– This proposal of Pyramid Saimira Entertainment Ltd, Singapore was considered by the board of directors in their meeting held on 19 February and it was unanimously felt that, such stake acquisition, will result in better consolidation of distribution and production, and also improve valuation and financial leveraging capacity of Pyramid Saimira group as a whole.