Pyramid targets $400 mil from overseas
EmptyNEW DELHI -- Diversified entertainment company Pyramid Saimira Theatre Ltd. said Friday that it plans to raise $400 million overseas by March.
The move, which will require shareholder approval, was put forth at the company's Thursday meeting of the board.
PSTL managing director P.S. Saminathan was not available for comment, and a spokesperson said that more details will be made available at a later date.
The company said it is exploring raising the funds via various possible financial vehicles, including foreign currency convertible bonds, global depository receipts and American depository receipts -- basically, a U.S. stock market listing.
With interests in film, TV production and distribution, PSTL operates more than 700 screens in India, Malaysia, Singapore and the U.S.
In September, PSTL expanded into the U.S. with its acquisition of Texas-based FunAsia, which runs 17 screens in Dallas and Houston. Established six years ago, FunAsia runs entertainment centers such as banquet halls and cinemas catering to the South Asian population and has plans to expand across the U.S.
In July 2007, PSTL raised $90 million via bonds listed on the Singapore Stock Exchange with the proceeds to be "used for potential strategic acquisitions outside India and other purposes."
PSTL hopes to be operating more than 2,000 screens worldwide by 2010.