Shringar Cinemas raise USD 20 mln

Mumbai, Apr 26 (UNI) Shringar Cinemas has raised USD 20 million through issuance of foreign currency convertible bonds (FCCBs).

The issue comprised USD 12 million, zero coupon Series A bonds due in 2011 and USD 8 million, 0.5 per cent per annum Series B bonds due in 2011, Shrinagar Cinemas informedd the BSE.

''The yield to maturity (YTM) for Series A and Series B bonds would be 6.5 and 7.5 per cent respectively,'' the release added.

The proceeds of the issue will be used for capital expenditure in expansion and modernisation of multiplexes and the food court business, the release said.

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