MUMBAI: Chennai-based cinema chain operator Pyramid Saimira Theatre Ltd (PSTL) is planning to raise funds through Foreign Currency Convertible Bonds (FCCB) or Global Depository Receipt (GDR) or American Depository Receipt (ADR) worth up to $400 million.

According to a company release, the company's board plans to raise additional funds through FCCB/GDR/ADR up to $400 million. Further the board has decided to issue upto 10 million convertible warrants to promoters / promoters group.

Shares of the company were up 7.5 per cent at Rs 451.25 in today's trading on the Bombay Stock Exchange.

It is worth recalling that last October 2007, PSTL acquired Texas-based FunAsia for an undisclosed amount of cash, thereby becoming the first Indian theatre chain to enter the US market.

Pyramid Saimira MD PS Saminathan told indiantelevision.com in October that the company had plans to invest $75 million to expand operations in the North American region where a growing affluent population of South Asians enjoy Bollywood fare.

"The parent company has funded the current acquisition. But for our future expansion in the US, our subsidiary company will raise the balance amount," said Saminathan.

The company plans to set up 60 screens at 15 locations by the end of this fiscal. Already PSTL has 23 screens, with FunAsia operating 17 screens in four locations. The acquisition comprises six screens in Dallas and 11 in Houston. In addition, FunAsia has three banquet halls in Dallas and a radio station.