Cinemax India to go public

New Delhi, Oct 4 (UNI) Cinemax India Ltd, the largest exhibition theatre chain has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).

It proposes to use the proceeds from the IPO primarily to meet the capital expenditure to be incurred for setting up screens across the country, a company statement said.

The proceeds will also be utilised for general corporate purposes including acquistions.

The company clocked a total income of Rs 43.86 crore with a net profit of Rs 6.76 crores during the last fiscal.

Cinemax is a part of the Kanakia group which has a track record of over 20 years in real estate development and has developed over 5 million sq ft of residential and commercial real estate.

It is one of the largest exhibition theatre chains in India operating 10 properties with 33 screens and 9,316 seats.

Cinemax owns and controls 30 screens in Mumbai and Thane and is a largest owner of multiplex properties in India with 23 screens spraed over 1,55,000 sq ft area.

UNI DKS RA HT1825