Pyramid Saimira to float Rs 200 bn SPV for malls, multiplexes

Chennai-based movie theatre chain Pyramid Saimira on Tuesday said it plans to partner in a Special Purpose Vehicle (SPV) to be formed with realty companies for establishing 200 malls with multiplexes at an outlay of about Rs 20,000 crore over the next four years.
The Board has approved investment in the form of capital into these SPVs based on the financial closure plan of the respective SPVs. According to initial estimates, these SPVs would create about 60 million square feet with an investment of Rs 20,000 crore spread over four years, Pyramid Saimira informed the Bombay Stock Exchange. The SPVs would set up about 100 malls with multiplexes in South India and another 100 malls in rest of India.
A related proposal in the form of investment of up to 50 per cent shareholding in the respective SPVs, but not below 26 per cent also found favour with the Board, it said. Pyramid would also raise $100 million through FCCBs and the Board has recommended the shareholders to approve the proposal in an EGM to be called for this purpose.
courtesy:economictimes
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