Silverline Technologies, which resumed trading on the Bombay Stock Exchange (BSE) on Thursday, has demerged its animation division into a separate unit.
New entity will be called Silverline Animation Technologies
MUMBAI: Silverline Technologies, which resumed trading on the Bombay Stock Exchange (BSE) on Thursday, has demerged its animation division into a separate unit. The new entity, Silverline Animation Technologies, will be listed on the BSE in two weeks, sources said.
Silverlines Technologies, which is the creator of the blockbuster movie, Hanuman, got relisted at Rs 160.50 on Thursday. On its last day of trading, prior to relisting, it had closed at Rs 12.93.
The company will allot four shares of Silverline Animation Technologies per 100 shares of Silverline Technologies to all existing shareholders.
The equity of the new company has been valued at Rs 12 crore which is 4% of the parent company.
The animation company expects revenues of Rs 20-25 crore by the end of the first year. By 2010, the company is planning reach Rs 100 crore in sales.
For the year ending June 2007, the company’s total revenues stood at Rs 6.72 crore, which means that the projections are almost 217-273% higher than the current revenues. Net profit for 2006-07 stood at Rs 1.23 crore.
Kumar Subramanian, chairman, Silverline Technologies, said, “Considering the growth and the potential animation industry in India we felt the need to have a separate focus on the business. So we decided to launch an independent animation business model separate from our existing IT business.”
Titus Sequeira, executive director and chief strategy officer, Silverline Technologies Ltd, said, “We at Silverline Technologies recuperated a paradigm shift and foresee the fiscal year 2008 to be the year of consolidation in size with 1,500 employees, worldwide, with revenue of over $ 125 million with an average profitability of between 12-15%.”
Silverline Animation Technologies shall focus mainly on three segments: animation education, animation production and game development.
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