MUMBAI: Pyramid Saimira Entertainment Ltd (PSEL),
a Singapore-based subsidiary company of Pyramid
Saimira Theatre Ltd (PSTL), plans to raise $75
million (Rs 3 billion) through private equity
will dilute 25 per cent stake to raise this
amount. We have received term sheets from private
equity investors," Pyramid Saimira managing
director PS Saminathan tells Indiantelevision.com.
will value the subsidiary company at $300 million
(Rs 12 billion). "We will be using the
funds to ramp up our film distribution business.
As we expand our theatre chain, we will need
more content. The film purchases for distribution
will be funded by the Singapore subsidiary company,"
Saimira Productions Ltd (PSPL), another subsidiary
company for film and TV production business,
is planning to float an initial public offering
(IPO) to raise Rs 1.5 billion.
are close to filing draft red herring prospectus
with Sebi (Securities and Exchange Board of
India)," says Saminathan.
will dilute 10-12 per cent equity through the
IPO and the funds will be used to expand the
film and TV production businesses.
PSTL recently bought out Texas-based FunAsia,
becoming the first Indian theatre chain to enter
into the US market. The acquisition was made
through PSTL's US subsidiary Pyramid Saimira
Entertainment America Inc.
will be initially raising debt to expand operations
in the North American region. The funding for
the expansion in this region will be done through
our US subsidiary company," says Saminathan.