The Hindu Business Line : Shringar Cinemas to enter capital market

SHRINGAR Cinemas Ltd, a film exhibition and distribution company, is entering the capital market with a public issue of 81.5 lakh shares of Rs 10 each through a book building route.

Of this issue, 2.5 lakh shares are reserved for employees and of the balance 50 per cent for qualified institutional buyers on discretionary basis, 25 per cent for non-institutional bidders and 25 per cent for retail individual bidders both on proportionate basis.

The book running lead managers to the issue are Enam Financial Consultants Private Ltd and JM Morgan Stanley Private Ltd.

The company filed a draft Red Herring Prospectus with the Securities and Exchange Board of India on January 14.

The funds accruing out of the issue will be deployed for expansion of its multiplex network across cities.

"Movie theatres, especially the new format multiplexes which provide high quality viewing experience, are fast emerging as one of the key drivers of footfalls in a number of organised retail outlets, resulting in a renewed interest in investment and growth of the movie exhibition business in India,'' Shringar Cinemas said in a news release.

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