Pyramid Saimira Theatre to transfer film business to Pyramid Saimira Productions Ltd

Pyramid Saimira Theatre Ltd has announced that the Board of Directors of the Company at its meeting held on April 16, 2007, has transacted the following:

1. The Board approved the Card Scheme of the Company to mop up 25 lakhs membership for FY 07-08.

2. The Board approved that total investments made by the Company on funding the production of films can be transferred to Pyramid Saimira Productions Ltd (PSPL) with effect from March 31, 2007 valued approx. at Rs 14.00 crores. The actual figures to be finalized after audit.

3. The Board also approved out of Rs 14.00 crores the Company can get 60 lakhs shares of PSPL at Rs 10/- per share, aggregating to Rs 600 lakhs and the balance Rs 800 lakhs shall be paid by PSPL to the Company within June 30, 2007.

4. The Board also authorized Mr. P S Saminathan, Managing Director to place shares of PSPL to strategic investors, HNIs etc aggregating 59 lakhs shares.

The Board also gave permission to MD to place such shares at approx. Rs 60/- per share, but not less than Rs 40/- per share.

Source : Equity Bulls

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