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Pyramid Saimira plans to raise $75 mn for expansion

Pyramid Saimira plans to raise $75 mn for expansion
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First Published: Tue, Jun 24 2008. 11 56 AM IST
Updated: Tue, Jun 24 2008. 11 56 AM IST
Reuters
Mumbai: Cinema chain operator Pyramid Saimira Theatre Ltd plans to raise $75 million through various means to expand its presence in exhibition, production and distribution, its chairman and managing director said.
“To maintain the growth momentum, basically we require $75 million,” P.S. Saminathan told Reuters on 24 June.
The money will be raised in the next 60-90 days through various means including debt and equity, he said.
The board will meet on 30 June to consider raising funds, the company said in a stock exchange notice on 23 June.
“We are growing. We want to maintain a healthy growth rate,” Saminathan said, adding the group was looking at an annual growth of 50-60%.
“If at all I have to take it further, then it will be open offer, for that I am evaluating. I feel the price is extremely low in the market conditions currently. It is the right time for me to consolidate more in the company,” he said.
“I think the company is grossly undervalued, so I want to increase my personal stake in the company.”
Saminathan, along with his wife, holds about 23% in Pyramid Saimira. This, with the convertible warrants he was alloted in 2007, would take his stake up to 33%, he stated.
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First Published: Tue, Jun 24 2008. 11 56 AM IST