Online BusinessPyramid Saimira shareholders okay fund raising
Pyramid Saimira Theatre, which is engaged in entertainment business, today said it will raise Rs 500 crore by offering securities to foreign investors, qualified institutional buyers and promoters.
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In a filing with the Bombay Stock Exchange (BSE), Pyramid Saimira said its shareholders have approved the proposal to mop up Rs 500 crore.
The shareholders passed three special resolutions to this effect through postal ballot with requisite majority, it said.
Announcing the result of the postal ballot, it said the shareholders have permitted issuance of securities to the qualified institutional buyers on preferential basis.
Another special resolution was passed under Section 81 (1A) of the Companies Act, 1956 for international offering of securities.
The shareholders also approved issuing one crore convertible warrants to promoters on preferential basis.
Under the international offering, the company proposes to issue securities including foreign currency convertible bonds, global depositary receipts and American depositary receipts, subject to other necessary approvals.
The company also proposes to issue nearly one crore equity shares to qualified institutional buyers.
Shares of the company closed at Rs 26.50, up 4.95 per cent from the previous close on the BSE.