| Funds will be used to pursue global expansion.
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| Chennai-based entertainment major Pyramid Saimira Theatre Ltd (PSTL) will raise about $400 million (Rs 1,600 crore) from the global market by March this year, a top company executive said today.
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| The funds raised will be used to consolidate the company’s international businesses and pursue plans for global acquisitions and expansion.
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| “We are exploring various options like foreign currency convertible bonds (FCCBs), global depository receipts (GDRs) and American Depository Receipts (ADRs) to raise funds,” said P S Swaminathan, managing director.
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| “We might also look at issuing warrants to promoters to raise additional funds, if required.”
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| Pyramid is looking at a March deadline to raise the funds, Swaminathan said. It has already appointed international advisors for this, he said, but did not give the names of the merchant bankers.
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| Swaminathan said the company would decide on the vehicles for the fund-raising on the basis of the recommendation of the advisors. “It could be one mode or a combination, but we are yet to take a decision,” he said.
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| Swaminathan said the company had shortlisted a couple of countries in case it took the GDR route. But he would not say any more as a final decision was yet to be taken.
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| “We are yet to decide on the country in case of a GDR, but we have short-listed the names of a couple of countries for the listing. This will also be revealed only after the names are finalised,” he said.
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| Pyramid will convene an EGM to get shareholder approval for the fund-raising programme.
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| The company recently acquired a 51 per cent stake in Mumbai-based Dimples Cine Advertising & Dimples Cine Activations and prior to that it acquired Texas-based FunAsiA through its subsidiary, Pyramid Saimira Entertainment America.
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| Pyramid Saimira is a large entertainment group that is into film production, developing content for TV and movie exhibition. |
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