Inox Leisure shares up nearly 7% on expansion plans

Shares of multiplex operator Inox Leisure today surged nearly 7 per cent as the company plans to invest Rs 200 crore to add up to 60 cinema screens across the country this fiscal.
The scrip soared 5.76 per cent to settle at Rs 275.30 on BSE. During the day, it gained 8.24 per cent to Rs 281.75 -- its 52-week high.
At NSE, shares of the company jumped 6.4 per cent to close at Rs 276.75.
"In addition to 1 property, 5 screens and 617 seats (already opened), we expect to open another 12 properties, 54 screens and 10,786 seats this financial year," Deepak Asher, Inox Leisure Director and Group Head, had told analysts during a conference call yesterday.

"The total capex that we intend to incur on this pipeline at least for 2016-17 is roughly Rs 200 crore, which would be funded essentially by 60:40 debt equity. So, the debt required will be about Rs 120 crore and equity about Rs 80 crore."
Asher said post these additions, Inox Leisure will operate 479 screens through 120 properties across India by 2016-17.