MUMBAI: Madurai City, apart from being well known for its famous Meenakshi Temple, also enjoys the distinction of having Asia’s largest theatre – Thangam. This theatre is now being eyed by GV Films Ltd. The company has signed an agreement (MOU) to acquire Thangam Theatre.
This is the first theatre acquisition by the company under the project of Flint Exhibition.
GV Films Ltd entered the Indian film market in the year 1989 and claims to be the first to export Tamil films to South East Asian markets like Korea and Japan.
The Thangam theatre transaction is expected to conclude by the end of June, 2006. GV Films has already informed BSE of its intention to acquire Thangam Theatre for its proposed multiplex and other hospitality industry projects in Madurai.
Other expansion plans include acquisition of theatres, multiplexes, entertainment parks and facilities in the area of computer graphics, FX and animation. The company also plans to get into acquisition of film rights and diversification into the hospitality industry. GV Films is also planning to acquire an international TV channel and raise up to $300 million in overseas markets either through issue of global depository receipts (GDRs) or foreign currency convertible bonds (FCCBs).
The company is also seeking board approval for preferential issue of shares and warrants to promoters and new investors. The board will meet on May 25 to consider and approve these proposals.