Cinema operator Pyramid Saimira Theatre Ltd (PSTL) has said in a statement to the stock exchange that a promoter of the company had sold 6.5 per cent of his stake in the company. The sale took place through open market sale.
In the disclosure made to Bombay Stock Exchange, the Chennai-based entertainment company said that Nirmal Kotecha sold 3.80 lakh shares representing 1.35 per cent stake in the company between November 19 and December 5, 2008 and 18.36 lakh shares, representing 6.50 per cent stake between December 18 and 29, through open market transactions. After the development, Kotecha’s shareholding in Pyramid Saimira will be reduced to 15.5 percent.
PSTL is India’s leading theatre chain company operating with presence across South India. Its network includes 800 plus screens with 5,50,000 plus seats across India, Malaysia, Singapore and North America spread over 5 million square feet. By 2010, the Group plans to operate 2,000 screens in India alone (with 175 multiplexes and stand alone theatres). The company has also created a niche for itself in the food and beverages segment with one food court, one restaurant and 110 cafeterias inside theatres in operation with the brands including Apple Tree, Red Curry, Shivalay, Augrita, Asparagus, Thall and Cineteria.
— Shailesh Shah