MidValley Entertainment files DRHP with Sebi

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MidValley Entertainment has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO).

The company proposes to come out with a public issue of 90 lakh shares of face value Rs 10 each for cash at a price to be decided later.

Based out of Chennai, MidValley Entertainment is engaged in media and entertainment business. With operations in 69 theatres of distribution territories of Hyderabad and Tamil Nadu, it intends to be one of the leading theatre chains in Southern India.

MidValley Entertainment aims to create a strong theatre chain by acquiring existing single screen theatres on lease and convert them into digital theatres bringing latest releases to the theatres, reports The Economic Times.