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Mumbai, April 4

Shringar Cinemas Ltd said that it has signed an incremental 33 properties for cinema exhibition since the IPO. Following this, the company's strength would increase to 192 screens and approximately 51,000 seats, including the existing operational 22 screens and 6,434 seats. The company said it has focused on States, which have announced entertainment tax exemption. Seventy per cent of the total seats of the company are in Maharashtra, West Bengal, Punjab, and Uttar Pradesh, which have an entertainment tax exemption policy. "This would enable the company to achieve better economies of scale in each city and lower overhead cost,'' the company said in a statement to the stock exhange. Shares of Shringar Cinema ended Tuesday's trade with a gain of Rs 2.20 at Rs 68.30. The company had raised Rs 43 crore through its initial offer of 81.5 lakh shares.

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