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Cinemax India rallies on promoters stake sale plans

The promoters have informed the company that they are evaluating options for the sale of their shares in the company.

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Cinemax India has locked in upper circuit of 5% at Rs 168, also its new high, after the company engaged in theatre exhibition business said that its promoters are looking to sale their shares.

“The promoters have informed the company that they are evaluating options for the sale of their shares in the company,” said in a filing.

However no definitive agreements have been finalized in this regard, it added.

The stock has been more than doubled from Rs 77 since October 29, after Reliance Media & Entertainment Fund had acquired 158,097 Cinemax shares for Rs 1.22 crore.

The company promoted by Rasesh Kanakia and Himanshu Kanakia are collectively hold 69.27% stake as on September 30.

Cinemax operates 39 properties with 138 screens and has a strong presence in Western India. It is one of the dominant players in Mumbai with 45 screens in 14 locations and around the city.

The stock opened at Rs 168 and hit a low of Rs 163 on the BSE. A combined 485,593 shares have already changed hands on the counter in morning deals. There are pending buy orders for 104,984 shares on the BSE and NSE.

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