Chennai Cinema Chain Pyramid Saimira Plans Digitisation

The Hindu: Pyramid Saimira Theatre Ltd, a Chennai-based cinema hall chain, is looking at digitisation of its existing cinema halls and is also drawing up a huge expansion plan. It plans to expand from 100 halls currently to 400 by December. P. S. Saminathan, Managing Director, said the company will either acquire or take on lease existing theatres in the region. And it will convert these halls into digital cinemas. It has already started this process in the theatres at B & C class centres in Tamil Nadu.
The company will be spending Rs. 40 lakhs ($90,000) per theatre for converting them into digital. The company has received funding to the tune of Rs. 18.5 crore in the first phase through a combination of promoter funding and private equity. It plans to raise another Rs 50-55 crore ($12 million) via private equity or public issue (at Rs. 90-100 per share).

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