MUMBAI: The Chennai-based Telephoto Entertainments has informed the Bombay Stock Exchange (BSE) its intent to enter into construction and operation of multiplex business, following its acquisition of AGS Properties Development (India) Pvt Ltd.

Indiantelevision.com had first reported Telephoto's plans to exit from the television production business and enter multiplex business, last week. Telephoto had also decided to provide a debt of Rs 80 million to AGS after the acquisition is complete. The company has informed the BSE on the Board's approval of the investment plan, which will be done through loans and advances.

The company has also stated that, the paid-up capital of AGS Properties Development (India) Pvt Ltd is Rs 0.30 million consisting of 30,000 equity shares of Rs 10 each. The shares are presently held by Kalpathi S Aghoram, Kalpathi S Ganesh and Kalpathi S Suresh, the promoters of SSI Ltd.

It may be noted that, consequent to the preferential issue of 30, 00,000 equity shares of the company to SSI Ltd, the company is a subsidiary of SSI Ltd.