Pyramid Saimira to expand operations
27 Feb 2007
Chennai: The Chennai-based Pyramid Saimira Theatre Limited (PSTL), a digital theatre chain, will raise $100 million through issue of foreign currency convertible bond (FCCB). The company will call an extra ordinary general meeting of shareholders for their approval.
The company has further decided to jointly develop and operate 200 malls with multiplexes, with the leading developers, all over India. For this foray, the company has also decided to form a special purpose vehicle (SPV) on partnership basis with the developers.
Towards the same, the board has approved an investment up to 50 per cent shareholding in the respective SPVs to be formed.
The company has approved investment in the form of capital into these SPVs based on their financial closure plan. As per initial estimates by the company, these SPVs will develop 60 million square feet at an investment of Rs20,000 crore, spread over four years.
The company's board has approved the increase of foreign institutional investor holding to 40 per cent of its equity capital. The company will also enter content distribution and theatre chain business in London and North American markets.
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