MUMBAI: Pyramid Saimira Theatre has issued $90 million (Rs 369 crores) of Foreign Currency Convertible Bonds (FCCBs), which will be listed on the Singapore Stock Exchange.

The proceeds of the issue will be used by the company for potential strategic acquisitions outside India and for such other purposes as may be permitted from time to time in compliance with the applicable guidelines issued by the RBI and the Government of India.

The FCCBs will have a maturity of five years and one day and will be convertible into equity shares of the company at a conversion price of Rs 454 per share, which is a premium of approximately 32 per cent, over the close on 28 June, 2007 at the Bombay Stock Exchange (BSE).

The FCCBs will mature on 4 June, 2012. The underlying equity shares on conversion will be listed on the BSE and National Stock Exchange (NSE).

Pyramid Saimira Theatre has over 325 screens under management across South India with more than 2.25 lakh seats per show. The company is in the process of creating a mega digital theatre chain and plans to be present in 1,550 locations across India with over 2,000 screens by 2010.

The company is also integrating the exhibition sector into a branded transparent point of presence and plans to offer high quality digitally distributed films and events to its patrons. In addition, Pyramid Saimira Theatre is present in Malaysia through its joint venture company called Pyramid Saimira Theatre Chain Malaysia Sdn Bhd and already has over 50 screens under management.

Jefferies International Ltd was the Sole Book-Runner and Lead Manager for the transaction. Keynote Corporate Services Ltd acted as Advisors on the transaction on behalf of the Company.