Movies

Pyramid Saimira to raise $450 million

MUMBAI: Pyramid Saimira Theatre Ltd (PSTL) is set to raise up to $450 million by issuing shares to qualified institutional buyers.


The board has given its approval for this purpose. PSTL plans to expand its presence in film exhibition, production and distribution.



The cinema chain operator is also aiming to list its production arm sometime in the third quarter of this financial year. Indiantelevision.com was the first to report that the production company would go for an initial public offer (IPO) to fund its business.



PSTL is in talks for a pre-IPO placement for the production unit that is said to have an enterprise value of Rs 15 billion.



Earlier in April this year, PSTL had announced its plans of producing a total of 52 films by the end of this financial year, of which six films in various languages have already been completed.



The company also aims to produce ten Tamil films this fiscal year and is investing around Rs 350–400 million towards this.

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