The Pyramid Saimira group is planning a plublic float of two subsidiaries in the country to raise close to Rs700 crore.
To float 2 units, may hive off F&B business
HYDERABAD: The Pyramid Saimira group is planning a plublic float of two subsidiaries — Pyramid Saimira Productions India Ltd (PSPL) and Dimples Cine Advertising Pvt Ltd — in the country to raise close to Rs700 crore ($175million).
The group will also list the Singapore-based distribution and content agglomeration subsidiary — Pyramid Saimira Entertainment Ltd (PSEL) — either on the London AIM or on the Singapore Exchange to raise an additional $200 million, P S Saminathan, managing director, Pyramid Samira Group, said.
PSPL is the production arm of the group which is into multimedia entertainment, content generation, running theatre chains in India and four other countries. Dimple is the theatre advertisement company.
The group will invest about Rs800 crore on film production next year. While it has already produced 13 films and is looking to produce 70 films, including 30 in Tamil, next year.
Prior to the public float, the group will place about 5% equity in Dimple with private equity players. “The Redherring prospectus will be submitted to Sebi by mid-February,” Saminathan said. “By June this year we would have invested close to $1 billion in various businesses,” he said.
The group’s flagship holding company, Pyramid Saimira Theatre Ltd (PSTL) is looking to raise $400 million overseas. The company had raised close to $190 million some time ago.
The group currently runs 48 multiplexes with 800 screens across India, Malaysia, Singapaore and North America and plans to take this number to 175 with 2,000 screens in India alone by 2010. For instance, in Andhra Pradesh alone it is close to striking a deal to add 100 screens to the existing 110. While all these will be on a minimum lease period of five years, Pyramid will own at least one theatre in each district of the state, company officials said. The new owned properties will be acquired through real-estate company — Pyramid Realty Ltd.
At the same time, the group has applied to the authorities to kick off a Real Estate Investment Trust (REIT). “The regulatory position is not clear yet and the moment it is through we will raise a Rs 2,500 crore REIT,” Saminathan said.
The group is also preparing to hive off the food and beverages business into a separate company.
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