Pyramid Saimira, Chennai-based digital cinema chain, will raise Rs 84.4 (about $19 million) from capital markets via an IPO. The company’s issue, priced in the band of Rs 88-100, will open on December 11 and close on December 18. It will use the raised capital to refurbish the existing theatres after taking them on long term lease and installing digital systems of delivery. The company is currently focused on the southern region, but the idea is to expand nationally.
They also plan to have over 2000 screens in 1550 locations across India by 2010. Indiantelevision.com has details here.
In June, Bennet, Coleman & Co had picked up a small stake in Pyramid Saimira.
Related:
-Pyramid Saimira To Invest Rs 350 Crore In Digital Theatre Chain; Plans 2000 Screens
-Pyramid Saimira Plans $150-Million Film Fund; To Back Kamal Hasan Venture
-Bennett, Coleman Picks Up Stake In Digital Cinema Chain Pyramid Saimira
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