Cineline India ties up additional 25 screens

Cineline India has acquired 25 screens on a lease basis of which 7 in Hyderabad, 6 are in Noida, 3 in Gurgaon, 4 in Nagpur and 5 in Punjab. All the screens are leased properties. These theatres will have an aggregate seating capacity of more than 5,000 seats.

Post 31st March 2022, the Company will also have access to its own 9 properties with 23 screens across Mumbai, Thane, Nashik, and Nagpur having an aggregate seating capacity of more than 6,000 seats.

The Company will grow the Film exhibition business aggressively in due course of time by acquiring theatre properties PAN India.

Commenting on the same, Mr. Rasesh Kanakia, Chairman, said "We are delighted to announce the tie up of additional 25 screens across India. With this, we have 48 screens and over 11,000 seats in total. We are seeing huge opportunity for organized players to increase their foothold and plan to create a strong consumer-oriented brand in this segment.

Over the next few months, we will continue to acquire additional screens PAN India. There is a strong pipeline of movies coming up and we see a huge opportunity to grow exponentially in this space."

Shares of Cineline India Limited was last trading in BSE at Rs. 86.90 as compared to the previous close of Rs. 88.55. The total number of shares traded during the day was 4053 in over 162 trades.

The stock hit an intraday high of Rs. 88.95 and intraday low of 84.15. The net turnover during the day was Rs. 346668.00.

Source : Equity Bulls

Keywords

CinelineIndia INE704H01022 25Screens Leasebasis Hyderabad Noida Gurgaon Nagpur Punjab