Midvalley Entertainment subscribed 0.86 times on Day 1
The Rs 60-crore public issue of south based media & entertainment company Midvalley Entertainment has been subscribed 0.33 times (33%) so far, as per data available on exchanges.
January 11, 2011 / 08:29 IST
The Rs 60-crore public issue of south based media & entertainment company Midvalley Entertainment has been subscribed 0.86 times on day one (86%) so far, as per data available on exchanges.
The issue has received bids for 80.59 lakh equity shares as against issue size of 93.75 lakh shares, supported by retail investors. Reserved portion of retail investors and non-institutional investors subscribed 1.89 times & 1.32 times, respectively. Qualified institutional investors have not been participated yet.A price band is at Rs 64-70/share for the issue, which will close on January 12. Bids can be made for 95 equity shares and in multiple of 95 shares thereafter.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; renovation and up-gradation of cinema infrastructure with digital equipment and other related assets for a select 100 screens; and acquisition of company, acquisition of screening rights of company having similar line, range and objects of business. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
