Bangalore: Shringar Cinemas buys Shankar Nag theatre
Bangalore, may 13: The Shankar Nag theatre would be taken over by Shringar Cinemas, a BSE-listed film distribution and exhibition company. The latter has completed all formalities and signed pacts with the Bruhat Bangalore Municipal Corporation (BBMP).
This single-screen theatre, located on M G Road in Bangalore, has been won by Shringar Cinemas in a closed offer bid issued by BBMP.
The firm told Bombay Stock Exchange it has completed all formalities and the property handed over on May 10.
The theatre will be shut down for two to three months for renovation. Further, the company said it expects to start the cinema in August with 560 seats. It will have gold-class seats too.
Besides, Shringar Cinemas' proposed four-screen multiplex, which is expected to begin operations soon at Lido centre in Bangalore, would give the company a strong presence in the city. With this handover, the company would have six properties and 19 screens all over India.