Telephoto signs agreement for Multiplex

Chennai, Mar 9 (UNI)The city based Telephoto, through its subsidiary, AGS Properties, has signed an agreement to buy one acre property in the city to set up a Multiplex, involving an investment of Rs 60 crore in the first phase.

Telephoto, a BSE listed company, is majority-owned by the Kalpathis' promoted SSI Ltd, which was founded in 1991 as a high end IT training company in emerging software technologies and later expanded into software services.

The Multiplex that would come up within an entertainment complex, would "go live" next year and would have five screens and a large food court, a company release here said.

Telephoto had earlier this year bought a property in Villivakkam to build a similar multiplex. This is expected to go live in the last quarter of this year, it said. "As part of its immediate and further expansion, the company expects to set up over 30 screens across Tamil Nadu," it said.

The build out of these two multiplexes together with the cost of the land is being funded by Telephoto through a combination of debt and equity including the money raised by the company in the last preferential offer of stock subscribed to by SSI Ltd.

Further, the company was also mulling various options to augment its financial resources to fund its current and future growth, it added.

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