Pyramid to demerge two of its wings; to raise $100 mn
Entertainment firm Pyramid Saimira Theatre today said it will demerge two of its subsidiaries — Pyramid Saimira Content Distribution and Pyramid Saimira Production International — from itself.
The board has approved the demerger of Pyramid Saimira Content Distribution (distribution wing) and Pyramid Saimira Production International(production wing) from the parent company, Pyramid Saimira said in a filing to the Bombay Stock Exchange.
Further, the board has also approved to raise $100 million by issue of Global Depository Receipts and Annual Depository Receipts, the filing added.
Shares of Pyramid Saimira Theatre today rose 4.89 per cent to hit the upper circuit at Rs 25.75 on the BSE.