Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Entertainment companies on expansion path
BackBack

Entertainment companies on expansion path

Entertainment companies on expansion path

Premium

Mumbai:Following the industry trend, two entertainment companies Pyramid Saimira Theatre Ltd and BAG Films Ltd announced moves towards expansion.

Pyramid Saimira Theatre, which became public in December 2006, plans to raise $100 million through foreign currency convertible bonds for financing its content-fund creation, mall-development projects and a Malaysian joint venture, a top official said.

BAG Films has told BSE that the company would hold a board meeting to discuss an increase in authorized capital by Rs5 crore to Rs25 crore.

An analyst from a brokerage firm said the industry has been trying to grow revenues by expanding capacities. He said investments in multiplexes were risky as historically, multiplexes do not come up on time.

Pyramid Saimira plans to develop 200 malls in India over four years through SPVs in. The company’s issue would be listed on the Singapore Stock Exchange by the first week of May, P.S. Saminathan, managing director, Pyramid Saimira, said.

Of the funds raised, $25 million would be used to sponsor the content fund that would finance movie productions or take a stake in Indian production houses. “It (Pyramid) would become a supply chain for the company."

Reuters contributed to this story

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 21 Feb 2007, 03:27 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App