Pyramid Saimira to demerge distribution division, raise US$100 million

Pyramid Saimira Theatre Ltd has announced that the Board of Directors of the Company at its meeting held on August 25, 2009, has considered and approved the raising of funds upto US$ 100 Million through international offering of securities including Foreign Currency Convertible Bonds (FCCBs), Global Depositary Receipts (GDRs), American Depositary Receipts (ADRs), subject to necessary approvals.

The Board of Directors also in-principally approved de-merger of M/s. Pyramid Saimira Content Distribution Pvt. Ltd, a Subsidiary Company (Distribution Wing) and M/s. Pyramid Saimira Production International Ltd, a Subsidiary Company (Production Wing) from the Parent Company, subject to necessary approvals.

The stock closed the day at Rs.24.55, up by Rs.1.15 or 4.91%. The stock hit an intraday high of Rs.24.55 and low of Rs.23.80.

The total traded quantity was 226174 compared to 2 week average of 71679.

Source : Equity Bulls

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