SRS Entertainment Ltd plans an IPO

New Delhi, Apr 13 (UNI) SRS Entertainment Limited, engaged in multiplexes and malls, proposes an Initial Public Offering of 2.29 crores at a likely price band of Rs 35-42.

SRS, promoted by the Jindal and Bansal families, has interests in real estate, non-banking finance and trading of commodities like rice, pulses and oil in Haryana.

ICRA has assigned Grade 2 to this issue of SRS, the first ever to an IPO by a rating agency.

SRS, incorporated in 2000, was SRS Commercial Company Limited.

Its name changed on January 25, 2005.

It reported an operating income of Rs 76 million, and net profit of Rs 22 million in the Financial Year 2005.

SRS is in the process of expanding its operations through three owned properties, four leased properties and a number of franchise operations.

The proposed IPO is expected to fund the expansion programme.

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