Chennai-based Midvalley Entertainment Ltd today made a decent debut on the Bombay Stock Exchange (BSE), opening with a premium of 4.1 per cent over its issue price of Rs 70.
Shares of Midvalley Entertainment listed at Rs 73, up 4.1 per cent from its issue price on the BSE. Within minutes of trade, the scrip witnessed a smart jump of 9.28 per cent to hit an early high of Rs 76.50.
The company, engaged in film production, distribution and exhibition in South India, had fixed the issue price of its initial public offer (IPO) at Rs 70 per share.
Midvalley Entertainment has raised about Rs 60 crore through its IPO.
The company intends to spend Rs 15 crore by entering into screening agreements with 300 cinema theatres in TamilNadu, Andhra Pradesh and Karnataka.
It has also earmarked Rs 25.95 crore for renovation and up-gradation of cinema infrastructure with digital equipment and other related assets for select 100 screens in South India.
Meanwhile, the BSE benchmark Sensex was quoting at 18,946.50, down 22.95 points at 0958 hours.