TN: PSTL to raise USD 100 million via FCCBs

Chennai, Feb 21: Pyramid Saimira Theatre Limited (PSTL), India's mega digital theatre chain, will raise US Dollars 100 million through the issue of Foreign Currency Convertible Bonds (FCCBs).

The company has further decided to jointly develop and operate 200 malls with multiplexes, with the leading developers, all over India, an official release said here today.

For this foray, the company has also decided to form a Special Purpose Vehicle (SPV) on partnership basis with the developers, where the Board has approved an investment up to 50 per cent shareholding in the respective SPVs to be formed.

The company has approved investment in the form of capital into these SPVs based on the financial closure plan of the respective SPVs.

As per initial estimates by the company, these SPVs will develop 60 million square feet at an investment of Rs 20,000 crore, spread over four-years.

The Board also discussed and approved the increase in FII limit to 40 per cent of the paid up capital of the company.

The Board has recommended that employee stock holding scheme be created, to motivate employees and make employees of Pyramid Group, stakeholders in the growth of company.

Consequent resolutions in Employee Stock Option Plan have also been approved by the Board.

The Board also discussed and approved the proposed content distribution and theatre chain creation in London and North American market.

UNI