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SRS to invest Rs 100cr to open new screens
Diversified group SRS today said it would invest a sum of Rs 100 crore to strengthen its cinema business by opening new screens in the next two years in smaller cities and towns.
Diversified group SRS today said it would invest a sum of Rs 100 crore to strengthen its cinema business by opening new screens in the next two years in smaller cities and towns.
The company has proposed to add 51 screens at 15 locations mainly in northern region which will take its seating capacity to 13,840 by 2013.
"We will be investing a sum of Rs 100 crore on our cinema business in order to spread the footprint, especially in tier II and tier III cities," the company''s Group President Tinku Singh told reporters here today.
At present, SRS Limited has 30 screens with a seating capacity of 7,608, spread over six cities including Faridabad and Patiala.
The company had recorded sales of Rs 36.9 crore in the last fiscal. SRS Limited has also proposed to come out with a public issue on August 23 by issuing 3.5 crore shares, constituting 25.13% of the paid-up capital of the company.
The company plans to raise over Rs 200 crore from the public issue. SRS Limited has also planned to invest for expansion of its other verticals including food and beverages, jewellery and retail.
"We are proposing to invest Rs 40 crore on food and beverages, Rs 54 crore on retail shops and Rs 16 crore on jewellery business," he said.
SRS Limited clocked a total revenue of Rs 2,040 crore in last fiscal with bulk of sales coming from its jewellery business.
