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'Maine Pyar Kyon Kya' producer to raise Rs 500-550 million via IPO

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MUMBAI: Shree Ashtavinayak Cine Vision Ltd (SACVL), a film production and distribution house, is tapping the capital market. The company plans to raise Rs 500-550 million through an initial public offering (IPO) to ramp up its film production business. 

SACVL, which produced Maine Pyar Kyon Kya along with Sohail Khan productions, has appointed Allianz Securities to lead manage the issue.

"We have a business plan to increase our production pipeline from three to five films a year. The size of the IPO should be in the range between Rs 500-550 million. We are awaiting the regulatory approvals," says Shree Ashtavinayak Cine Vision chief financial officer Shyam Sunder.

The company will offer a public issue of 37,28,000 equity shares of Rs 10 each at a premium to be decided through the book building process. The price band will be fixed later.

The IPO proceeds will be used towards film production and purchase of equipment. SACVL has earmarked Rs 459 million for production of three films while Rs 141 million will be for equipment buying. "We have a movie by Abbas Mastan on the floor with Ajay Devgan, Sanjay Dutt and Bipasha Basu as the lead cast. The other two movies are at the pre-production stage," says Sunder.

The company distributes 10-12 movies a year. SACVL will be distributing Golmaal which is slated for release on 14 July. Main Hoon Na, Garv, Mujse Shaadi Karogi and Aitraaz are among the movies distributed by the company.

The promoters' holding will come down from 74.14 per cent to 50.85 per cent. The company's turnover for the nine months ended 31 December 2005 stood at Rs 469 million with Maine Pyar Kyon Kya accounting for Rs 320 million while income from distribution stood at Rs 140 million.

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