Pyramid Saimira Theatre Limited to enter public on December 11

Bangalore, Dec 8: Pyramid Saimira Theatre Limited, the single largest theatre chain in India, has embarked on a "Mega Digital Theatre Chain Project" across the country to establish an integrated Network Operating Centre to convert films into digital. Briefing newsmen here Company Chairman V Natarajan said the company was entering the capital market on December 11 with a public issue aggregating Rs 84.44 crore to finance the project which involved expansion of the current theatre chain into North India and consolidation of theatres in South India. The company planned to have 350 screens as against the present 148 by March next. It was also proposed to have over 2000 screens in 1550 locations across India by 2010, he revealed.
Replying to queries he said the company also hire theatres on lease in various countries such as the United States of America and Canada totalling 100. However, he declined to divulge further details in this regard.

He told a questioner that the project involved an investment of Rs 111 crore. While the IPO would ensure mobilisation of Rs 84.44 crore, remaining Rs 26.75 crore would be through pre issue capital and internal accruals.

Giving details about the project he said the company had tied up with Taiwan's Delta Electronics for supply of India specific projectors. It also had tie up with the US based Arasor Incorporation for next generation laser projection technology along with multitudes of other services. The company had tied up with leading players for providing a walk in theatre cum family entertainment centre in over 100 neighbourhood areas across Punjab, Rajasthan and Haryana. A leading developer in Punjab would construct 60 properties in Punjab and another developer would provide 22 properties in Haryana and 20 in Rajasthan as walk in properties to the company.

The issue opens on December 11 and closes on December 18.

UNI