PE firms eye stake in Pyramid Saimira
PE firms eye stake in Pyramid Saimira Private Equity (PE) majors Carlyle Group and Citigroup Venture Capital International (CVCI) are said to be in the race for acquiring 15% equity stake in the Chennai-based theatre chain company, Pyramid Saimira, reports Business Standard. Pyramid Saimira is offloading a 15% stake to PE investors at around Rs 420 to Rs 445 a share, which is at a nearly 31.6% premium to the current market price of Rs 338. Further, the group is likely to sell around 15-20% stake in its unlisted production company, Pyramid Saimira Production. Pyramid Saimira owns over 371 screens across south India and plans to roll out over 2,000 screens by 2010. >Pyramid Saimira Theatre has won the bid for Australian theatre chain company, Hoyts Cinemas, promoted by the Kerry Packer group. The media company passed the initial technical bid round and had entered the financial bid round.
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It is also said that two more investors were also in talks with the company for the stake.
Shares of Pyramid gained Rs 1.35, or 0.4%, to end at Rs 335.05. The total volume of shares traded was 29,424 at the BSE (Wednesday).
