Pyramid Saimira (from a newletter)

The reason triggered by fears of SEBI looking into the sudden rise in new listings. Finally SEBI could only target Atlanta that fell from Rs.1250 to 268 and once again there are upper circuits for Atlanta.

A new entrant on the bourses, Pyramid Saimira Theatre (PSTL)'s scrip had tumbled in February 2007, after a solid surge in the stock post listing in January 2007. From Rs 355.45 on 22 February 2007, PSTL's stock had tumbled to Rs 219.85, by 8 March 2007. The setback in the stock was on general market concerns of Securities & Exchange Board of India (Sebi) action on more stocks after the market regulator clamped down on alleged price manipulation in newly-listed firm construction firm Atlanta on 22 February 2007. PSTL too had witnessed a solid surge post listing. The stock had debuted at Rs 158.20 on BSE on 5 January 2007 (closing price on BSE on that day) compared to the IPO price of Rs 100. A solid surge in the stock was witnessed shortly after, when it advanced to Rs 464.50, by 7 February 2007, from Rs 190.15 on 19 January 2007. PSTL had later cooled off from that peak to Rs 355.45, by 22 February 2007.

PSTL said on Thursday (29 March 2007) it had joined hands with Baderwals Infraprojects, to build 200 malls in four years. Pyramid Saimira would hold 49% in ther joint venture, Baderwals Pyramid Development, and will invest about Rs 250 crore in the next two years on the project, estimated to cost Rs 12000 crore.

The joint venture will include 100 larger format malls covering 3,00,000 sq ft each and budget hotels. By 2010, Pyramid Saimira hopes to have malls in 300 locations across India through such partnerships.

PSTL is the largest theatre chain in India, with over 1.75 lakh seats in Tamil Nadu, Andhra Pradesh and Karnataka.. PSTL's objective is to have a presence in all categories of theaters. That includes malls, multiplexes, Cineplex’s and standalones across the country in Tier I, II and III locations.

PSTL’s strategy is to distribute digital films simultaneously in a large number of cinema halls. This will bring in maximum revenues for the company.

PTSL reported a net profit of Rs 5.15 crore in the December 2006 quarter on total income of Rs 46.05 crore. For April-December 2006, the company reported a net profit of Rs 10.04 crore on revenues of Rs 98.58 crore.
Source: BSE - Pyramid Saimira Theatre Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on April 19, 2007, inter alia, to transact the following:

1. The Company has signed major expansion deals for development of international theatre chains, malls, multiplexes in India, promotion of content funds and also to fund organic and in-organic expansion in the film exhibition and distribution business. To fund the above, the Company is proposing the issuance of foreign currency convertible bonds. The Extra-Ordinary General Meeting is to seek the approval of the members of the Company under Section 81 (1) A of the Companies Act to place the said FCCB for an aggregate subscription amount not exceeding US $ 150,000,000 (150 Million US $ ).

2. The Company has become an equity shareholder in M/s. Pyramid Saimira — Theatre Chain Malaysia, Sdn. Bhd., M/s. Mallplex Pvt Ltd., Baderwals Pyramid Development Pvt Ltd. Further the Company is promoting Pyramid Saimira Productions Ltd., Pyramid Saimira Content Fund Management Co. Pvt Ltd. The shareholders permission under Section 372 (A) is being sought for investment / managing loans / providing guarantee to the aforesaid Companies. 3. To seek the members permission, to enhance borrowing limit of the Board from Rs 500 crores to Rs 1500 crores. Date: 2007-03-29

Source: BSE - Pyramid Saimira Theatre Ltd has informed BSE that the Company and Baderwals Infraprojects Pvt Ltd to form a SPV for construction of 200 Malls-cum-Multiplexes in 4 years time with an approximate Project Cost of Rs 12000 Crores. Baderwals to operate 51% in the SPV Baderwals Pyramid Development Pvt Ltd and the Company to hold 49%. The project is to develop 200 State of art integrated Leisure and Shopping destination, primarily across Northern part of India. The Project will consist of 1. Multiplexes. 2. Budget Hotels (Estimated demand - supply gap of 50000 rooms exists in India). 3. Mall. 4. Hyper Market. Baderwals is one of the major Land Bank and integrated Real Estate Group in India. Date: 2007-03-30