Movies

Compact Disc to raise $38.8 mn from foreign banks for 2 films

MUMBAI: Compact Disc India Ltd (CDI) will raise $38.75 million from foreign banks to fund two of its International movie projects.

The two movies are Soccer, a $20.15 million 90-minute 3D animation movie starring soccer player Ronaldo, and Eternal Love, a $15.70 million animated movie based on a love story revolving around Taj Mahal.


CDI also expects to raise another $30 million from foreign banks to fund a live action World War II based International movie Playing with the Enemy.


Compact Disc has already received ‘In Principle’ approval from the banks and funding will be released within 15-20 days time, the company said.


Funding has been sanctioned at a very competitive pricing of LIBOR plus 75 bps, the official statement added.


The funding amount will be sufficient to cover two big International animation film projects, under production by the Company’s foreign arm – Media One Ventures Ltd., UK.


“The Board has approved the terms and conditions for raising $38.75 million. The money will be released in 15-20 days. We expect $30 million funding from another bank in a week for our live action movie ‘Playing with the Enemy’,” said Compact Disc India Limited chairman Suresh Kumar.


The bank will also lend another Rs 250 million for CDI’s upcoming animation studio at Thiruvananthapuram Special Economic Zone.

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