The Hindu Business Line : Cinemax plans 6-screen multiplex

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Chennai, Jan. 19 Cinema operator Cinemax India Ltd plans to set up a six-screen multiplex at Vandalur, south of Chennai, at a cost of Rs 15 crore. The multiplex would come up in 2009 inside the Gold Souk mall, according to Mr Rasesh Kanakia, Chairman, Cinemax.

The 2,00,000 sq ft multiplex would have a seating capacity of 1,500, he told presspersons.

According to Mr Kanakia, the company has presence in the West and North of the country, and now plans to expand in the South and East.

Cinemax plans to build three multiplexes in Hyderabad at a cost of Rs 7 crore and one in Bangalore at a cost of around Rs 12 crore, he said.

Over the next two years, the company plans to set up 19 theatres with a total capacity of around 15,864 seats.

To fund the expansion, Cinemax is entering the capital market with an initial public offering of 89.2 lakh equity shares in the price band fixed at Rs 135-155 per share. The issue opened on January 18 and closes on January 24. The issue is expected to raise between Rs 120 crore and Rs 138 crore, said Mr Kanakia.

Cinemax currently operates 10 properties with 33 screens.

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