Mumbai: Entertainment firm Pyramid Saimira Theatre on 28 November 2007 said it has acquired majority stake (51%) in city-based ad agency Dimples Cine Advertising in an all-cash deal for an undisclosed amount.
“We are extremely happy to announce this strategic acquisition of Dimples Cine and welcome employees of Dimples into the Pyramid Saimira family. Through this acquisition, we aim to be a major media and advertisement vehicle in India,” Pyramid Saimira managing director P S Saminathan said.
Dimples Cine Advertising has an all-India presence and is a one-stock cinema solution provider for both on-screen and off-screen advertising business capable of all types of cinema campaigns.
Dimples Cine Advertising would continue to remain headquartered in the city, while becoming a part of the Pyramid Saimira Group universe.
“Pyramid Saimira, with its presence in all streams of entertainment business in India, is in a position to provide almost all advertising requirements of a large advertiser or agency under one umbrella.
Pursuant to this acquisition, Dimples would have access to 4,000 digitally targetable screens by 2010,” Saminathan added.
The board of directors at its meeting on 10 November 2007 approved the acquisition of Dimples Cine, Pyramid Saimira said in a filing to the Bombay Stock Exchange.
Keynote Corporate Services was the advisor to Pyramid Saimira for this transaction.
Recently, Pyramid Saimira acquired Texas-based FunAsiA through its subsidiary Pyramid Saimira Entertainment America Inc.
Shares of Pyramid Saimira were trading at Rs357.70, down 2.15%, on the BSE in the afternoon trade.