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Midvalley Entertainment to list shares on January 27
Media and entertainment company Midvalley Entertainment has fixed January 27 as a listing date for its equity shares, which recently issued via public issue. It has set an issue price at the higher end of Rs 64-70 a share.
Media and entertainment company Midvalley Entertainment has fixed January 27 as a listing date for its equity shares, which recently issued via public issue. It has set an issue price at the higher end of Rs 64-70 a share.
The company raised Rs 60 crore by issuing 85,71,429 equity shares via issue.
The issue, which was open during January 10-12, was subscribed 4.03 times. Reserved portion of retail investors and non-institutional investors subscribed 9.01 times and 4.68 times respectively. Qualified institutional investors' portion was subscribed 0.35 times.
Midvalley is a film production, distribution and exhibition company, actively engaged in the media and entertainment industry in South India. It has presence in the media and entertainment activity from concept to completion i.e. from script to screen. It produces, distribute and exhibit movies both in Indian and foreign languages.
Issue proceeds are proposed to be utilised for entering into screening agreements with 300 cinema theatres. It will be used for renovation and up-gradation of cinema infrastructure with digital equipment and other related assets for a select 100 screens. The proceeds will also be used for acquisition of screening rights of company having similar line, range and objects of business.
