Shringar Cinemas plans IPO, files with SEBI

MUMBAI: It is the turn of the film exhibition and distribution companies to go public. Shringar Cinemas Ltd, which operates a chain of multiplexes and distributes movies, is floating an initial public offering (IPO) to raise about Rs 500 million.

The company is entering the capital market with a public issue of 81,50,000 equity shares of face value of Rs10 each at a price to be determined through 100 per cent book building route to finance its expansion plans.

Out of the present issue, 50 per cent (39,50,000) shares are reserved for allocation to Qualified Institutional Buyers (QIBs) on discretionary basis, 25 per cent (19,75,000) shares are reserved for allocation to Non Institutional Bidders and 25 per cent (19,75,000) shares are reserved for retail individual bidders both on proportionate basis. The balance 2,50,000 equity shares are reserved for allotment to employees of the company.

The promoters' holding will come down from around 65 per cent to 48 per cent. G W Capital, a private equity investment firm which had picked up 35 per cent stake, will bring down its stake to 26 per cent after the IPO.

The company has filed draft red herring prospectus with Securities and Exchange Board of India (SEBI) on 14 January. Enam Financial Consultants Private Limited and JM Morgan Stanley Private Limited have been appointed as book running lead managers to the issue, informs an official release.

Shringar Cinemas's plans for 2005 include the opening of two four-screen multiplexes in Mumbai and two three-screen multiplexes in Pune and Hyderabad.

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