Pyramid Saimira to raise 0mln through FCCB issue

New Delhi, Mar 29 (UNI) Pyramid Saimira Theatre, one of India's largest theatre chains, will raise 150 million through issue of equity in overseas markets to fund its expansion plans.

The company said it has signed major expansion deals for development of theatre chains, malls, multiplexes, promotion of content funds.

The proposed foreign currency convertible bonds (FCCB) issue will also fund organic and in-organic expansion in the film exhibition and distribution business.

The members of the company will meet on April 19 to consider the fund raising scheme.

Pyramid Saimira Theatre is also mulling investment in Pyramid Saimira Theatre Chain Malaysia, Mallplex Pvt Ltd, Pyramid Saimira Productions Ltd and Pyramid Saimira Content Fund Management Co Pvt Ltd.

The shareholders permission under Section 372 (A) is being sought for investment to the companies.

An approval for enhancing the borrowing limit of the Board Rs 1500 crore from Rs 500 crore will also be sought at the meeting.

UNI