ITV

Tag: SPV

  • Pyramid Saimira board clears plans to raise $100 million via FCCB

    Pyramid Saimira board clears plans to raise $100 million via FCCB

    MUMBAI: Pyramid Saimira Theatre’s (PSTL) board has approved plans to raise $100 million through FCCB. It has also given the nod to float special purpose vehicles (SPV) along with developers of realty companies for setting up 100 malls with multiplexes in South India. A further 100 malls with multiplexes would be set up in the rest of India.

    PSTL will invest up to 50 per cent shareholding in the respective SPVs that are to be formed. Nowhere in these JVs will Pyramid’s holding be below 26 per cent.
    The SPV will create approximately 60 million square feet with an investment of Rs 20 billion spread over four years. The board also discussed and approved the increase in FII (foreign institutional investment) limit to 40 per cent of the paid up capital of the company.

    The agreement signed regarding the formation of a Malaysian joint venture company, Pyramid Saimira Theatre Chain (Malysia) Sdn. Bhd, has been cleared. The Board also approved RM 100 million investment by PSTL into that JV company.

    The Malaysian JV plans to construct 100 new entertainment centres/malls, create a real estate investment trust to acquire the above said assets and also make Pyramid Saimira Theatre Chain (Malaysia) Sdn.Bhd as an asset management company to manage assets created, which is approximately of the value of $ 1 billion. The board deliberated and approved Malaysian JV Company’s plan to acquire an existing theatre chain company and an existing content distribution company in Malaysia for a faster ramp up of operations.

    The board also discussed and approved up to $ 25 million investment into a content fund as a sponsorer. PSTL can also incur consequent expenditure in raising $ 150 million content fund in India and abroad.

    PSTL proposes to create a content distribution and theatre chain in London and North American market. The board authorized managing director PS Saminathan for negotiation and decision with the existing content distributors in London and North American market.

  • ADAE to create radio division named Adlabs Radio Pvt Ltd

    ADAE to create radio division named Adlabs Radio Pvt Ltd

    MUMBAI: Anil Dhirubhai Ambani Enterprises (ADAE) has finally created a radio division for its FM radio foray and has sought government clearance for the same.

    The radio division of Adlabs Films, which bagged FM radio licences in several cities of India and is one of the bigger players in the arena, will be called Adlabs Radio Pvt Ltd.

    However, a brand name under which Adlabs Radio will run the FM radio services has not been decided yet.

    According to sources in the information and broadcasting ministry, the proposal is “under routine examination”.

    Adlabs Radio Pvt Ltd is a special purpose vehicle (SPV) created by ADAE for its radio business, while the corporate entity and the official licencee continues to be Adlabs Films Ltd.

    The SPV has been created for a focussed approach on the radio business as Adlabs Films concentrates more on the business of running multiplexes and post-production film facilities.

    Under the licencing agreement, licences are not transferable after being formally awarded to a company.

    In the recently-concluded bidding process for FM licences, the government has allowed foreign investment up to 20 per cent in radio ventures, but such deals had to be concluded before the bids were opened in the first week of February.

    Moreover, no change in shareholding pattern is allowed, under the guidelines, for the first five years of the 10-year licence period.

    The Anil Ambani controlled Adlabs Films has won 57 frequencies across the country, but had to surrender 12 stations to adhere to another norm, which mandates no single company can own more than 15 per cent of the total number of frequencies put up for sale throughout the country.

    Adlabs Films’ scrip opened on Wednesday at Rs 403 on the Bombay Stock Exchange (BSE) and touched a high of Rs 409 and a low of Rs 395 during the trading day.