Pyramid Saimira raises $90mn via FCCB route

MUMBAI: Pyramid Saimira Theatre on Wednesday said it has raised 90 million dollar (Rs 369 crore) through issue of Foreign Currency Convertible Bonds (FCCBs) in the international market to fund its overseas acquisition plans.

"The proceeds of the issue shall be used for potential strategic acquisitions outside India and other purposes", the company said in a communique to the Bombay Stock Exchange (BSE).

The FCCBs would have matured on June 4, 2012 and would be convertible into equity shares of the company at Rs 454 per share, which is a premium of 36 per cent, calculated over the closing price on June 28 at Rs 333.20 on BSE.

The FCCBs would be listed on the Singapore Stock Exchange and the underlying equity shares upon conversion would be listed on the BSE and the National Stock Exchange (NSE).

Pyramid Saimira is currently India's largest theatre chain company, with over 325 screens under its management across South India. It is also present in Malaysia through its joint venture firm called Pyramid Saimira Theatre Chain Malaysia and has over 50 screens under its management.

Jefferies International Ltd was the sole book-runner and lead manager for the transaction. Keynote Corporate Services Ltd acted as advisors on the transaction on behalf of Pyramid Saimira.

Shares of Pyramid Saimira were trading at Rs 334, up 1.21 per cent on the BSE in morning trade.