Pyramid Saimira Theatre fixes price band for IPO at Rs 88 to Rs 100

Mumbai, Dec 5 (UNI) Pyramid Saimira Theatre Ltd has fixed the price band of its initial public offering(IPO) at Rs 88 to 100 per share of Rs 10 each.

The company proposes to enter the capital market on December 11, 2006 with a public issue aggreating Rs 84.44 crore. The equity shares are to be listed in both BSE and NSE.

Briefing reporters here today, Managing Director P S Saminathan said the proceeds of the issue would be deployed for the company's expansion project. This envisages expansion of the current Theatre Chain into North India and consolidation of theatres in South India, he added.

While the total fund requirement is estimated at Rs 111.19 crore, as much as Rs 84.44 crore will be obtained through IPO and the remainder through internal accruals, Mr Saminathan said.

Replying to a question, Mr Saminathan said the company plans to reach 350 screens operational by March 2007 worth 9.60 million sq ft under operational management as against the current 144 screens.

Keynote Corporate Services is the Book-Running Lead Manager(BRLM) to the issue, while Canara Bank is the co-BRLM and Cameo Corporate Services is the Registrar.

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