Cinemax to pump in Rs 1 bn; mulls raising capital after a year

MUMBAI: Multiplex chain operator Cinemax India plans to invest Rs 1 billion and almost double its screens to 200 by 2013.

Cinemax, which has most of its footprint in Maharashtra and Gujarat, also has plans to further raise capital after it reaches a particular size and scale.

"We have an investment plan of Rs 1 billion. We may be raising capital a year or 18 months down the road. This could be either through QIP or a follow-on issue or other fund-raising instruments," says Cinemax India chief executive officer Sunil Punjabi.

Cinemax will be adding 30 screens by the end of this fiscal. It is currently operating 33 properties with 105 screens in 18 cities.

"We will be investing Rs 450-500 million over the next six months. We will have 30 more screens by the end of the fiscal," says Punjabi.

Cinemax is targeting a revenue of Rs 2.4 billion this fiscal and Rs 3.8 billion in FY‘12. For the first half of FY‘11, the company‘s income from operations stood at Rs 907.2 million. In the fiscal ended March 2010, Cinemax had posted a revenue of Rs 1.55 billion.

"We will be expanding on a pan India basis. Our Delhi multiplex with the gaming zone will be up in March 2011," says Punjabi.

Among the new thrusts will be to ramp up its gaming business. "We already have Giggles. We are adding a youth entertainment gaming brand, Versus. The cost per outlet of this is Rs 40-50 million. Versus will be there in our Delhi multiplex. We are in the process of signing up 2-3 more," says Punjabi.

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