Latest News | Cineline Promoters to Subscribe to Convertible Warrants of Rs 35.1 Cr

New Delhi, Jun 7 (PTI) Cineline India Ltd, which operates the multiplex chain MovieMax, on Tuesday said its promoters would subscribe to convertible warrants worth Rs 35.1 crore.

Following this preferential issue, the promoters' holding in Cineline India would increase to 69.6 per cent from the current 67 per cent, a company statement said.

Also Read | Realme GT Neo 3T Launched Globally, Check Price & Other Details Here.

Cineline's board in its meeting held on Tuesday "approved the issuance of up to 27,00,000 warrants each convertible into, or exchangeable for, one equity share within the period of 18 months at a price of Rs 130/- each aggregating upto Rs 35.1 crores to the Members of the Promoter Group by way of preferential issue."

The preferential issue is subject to necessary regulatory and shareholder approvals, it added.

Also Read | DRDO RAC Recruitment 2022: Apply for 56 Scientists Posts on drdo.gov.in, Check Here.

The board has also approved a proposal for monetising Eternity Mall, a property of the company at Nagpur, for a consideration of up to Rs 60 crore, it added.

Cineline India Chairman Rasesh Kanakia said the company is eyeing big opportunities and has big plans for growth in the film exhibition business.

"We are targeting to tie up over 300 screens by FY25. We are looking to grow this business aggressively. To support this growth opportunity, we as promoters have infused capital of Rs 35.1 crores through convertible warrants. This will help us to increase our penetration and acquire more screens, pan India," he said.

Cineline India had earlier in April this year re-entered the movie exhibition business by launching nine theatres across Maharashtra under the MovieMax brand.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)