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Pyramid Saimira board clears plans to raise $100 million via FCCB

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MUMBAI: Pyramid Saimira Theatre's (PSTL) board has approved plans to raise $100 million through FCCB. It has also given the nod to float special purpose vehicles (SPV) along with developers of realty companies for setting up 100 malls with multiplexes in South India. A further 100 malls with multiplexes would be set up in the rest of India.

PSTL will invest up to 50 per cent shareholding in the respective SPVs that are to be formed. Nowhere in these JVs will Pyramid's holding be below 26 per cent.

The SPV will create approximately 60 million square feet with an investment of Rs 20 billion spread over four years. The board also discussed and approved the increase in FII (foreign institutional investment) limit to 40 per cent of the paid up capital of the company.

The agreement signed regarding the formation of a Malaysian joint venture company, Pyramid Saimira Theatre Chain (Malysia) Sdn. Bhd, has been cleared. The Board also approved RM 100 million investment by PSTL into that JV company.

The Malaysian JV plans to construct 100 new entertainment centres/malls, create a real estate investment trust to acquire the above said assets and also make Pyramid Saimira Theatre Chain (Malaysia) Sdn.Bhd as an asset management company to manage assets created, which is approximately of the value of $ 1 billion. The board deliberated and approved Malaysian JV Company's plan to acquire an existing theatre chain company and an existing content distribution company in Malaysia for a faster ramp up of operations.

The board also discussed and approved up to $ 25 million investment into a content fund as a sponsorer. PSTL can also incur consequent expenditure in raising $ 150 million content fund in India and abroad.

PSTL proposes to create a content distribution and theatre chain in London and North American market. The board authorized managing director PS Saminathan for negotiation and decision with the existing content distributors in London and North American market.

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