MUMBAI: Film production and distribution company Shree Ashtavinayak Cine Vision is planning to raise up to $150 million (Rs 7.21 billion).
The board has approved the fund-raising plan and is considering various routes including GDR (global depository receipts), ADR (American Depository Receipts) and FCCBs (Foreign Currency Convertible Bonds).
The funding will be mainly towards film production. The company plans to make five films a year for the next three years. The company is set to release Blue, a mega budget movie, in mid-October.
Analysts say the raising of $150 million will be very tough as the market cap of the company will not support it. “The amount to be raised will be significantly lower than this. The company has only taken an enabling resolution for raising up to $150 million,” an analyst at a brokering firm points out.
