Pyramid Saimira to operate 350 screens by March-07

New Delhi, Dec 7 (UNI) Aiming to operate 350 screens by March next year, Pyramid Saimira Theatre Ltd, one of the largest theatre chain in the country, is entering the capital market to raise Rs 84.44 crore.

The issue, fixed at Rs 88 to Rs 100 per equity share of Rs 10 each opens on December 11 and closes on December 18.

The company, which has 148 screens is mulling to expand its theatre chain into North India which consolidating its position in South India. It plans to operate 350 screens by March 2007 with on overall area of 9.60 million sq ft.

The company would create mega digital theatre chain across every single township in India with 2,000 screens in 1,550 locations by year 2010, a statement said.

The total fund requirement is estimated at Rs 111.19 crores, which will be financed through the IPO of Rs 84.44 crore and pre-issue capital and internal accruals of Rs 26.75 crore.

The issue is being made through a 100 per cent book building process wherein up to 50 per cent of the net issue shall be allotted on a proportionate basis to qualified institutional buyers (QIBs).

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