MUMBAI: Pyramid Saimira Theatre Limited is planning to raise $100 million through the issue of FCCBs (Foreign Currency Convertible Bond).
The company’s board will be calling for an extraordinary general meeting soon, where other plans of the company will also be discussed. Pyramid has also decided to jointly develop and operate 200 malls with multiplexes all over India. The board has also approved an investment up to 50 per cent shareholding in the respective special purpose vehicles (SPVs) to be formed in partnership with the developers.
Pyramid Saimira has also approved investment in the form of capital into these SPVs based on the financial closure plan of the respective SPVs. As per initial estimates by the company, these SPVs will develop 60 million square feet at an investment of Rs 200 billion (Rs 20,000 crore), spread over four years. The company’s board also discussed and approved the increase in FII limit to 40 per cent of the paid up capital of the company.
The board also discussed and approved the proposed content distribution and theatre chain creation in London and North American market and has authorized PSTL managing director P S Saminathan as the designated spokesperson towards negotiation and decision-making, with the existing content distributors in London and North American market.