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Stock Report
GV Films acquires Asia´s Largest Theatre at Madurai
Posted On : 2006-05-15 12:25:03( TIMEZONE : IST )
GV Films Ltd has informed that that the Company has signed an MOU with the prospective sellers for acquiring Thangam Theatre at Madurai for its proposed Multiplex and other Hospitality industry projects at Madurai.
Madurai City is well-known for its cultural bonanza of the Pandya Dynasty and on May 15, 2006, is one of the most sought-after tourism destination in the South. About 100 kms. away from Rameshwaram, the religious pilgrim of the entire India’s population, Madurai attracts more visitors and tourists to the famous Meenakshi Temple.
By entering into a MOU to acquire Thangam Theatre at Madurai, the Company is setting its foothold in the Central Tamil Nadu. This is the first theatre acquisition by the Company under the ambitious project of Flint Exhibition.
The transaction is expected to conclude by end of June, 2006.
The stock closed the day at Rs.1.26 (up by 5%). The stock has been hitting upper circuit in the past few weeks, since the company reported good results for year ending March 31, 2006.
