Chennai-based Midvalley Entertainment Ltd engaged in film production, distribution and exhibition in South India has fixed the price band of its initial public offer at Rs 64-Rs 70 per equity share of face value, Rs 10 each.
The company plans to raise Rs 60 crore through an initial public offer (IPO). The issue opens on January 10 and closes on January 12.
The company intends to spend Rs 15 crore by entering into screening agreements with 300 cinema theatres in TamilNadu, Andhra Pradesh and Karnataka, Midvalley Entertainment's Company Secretary S N Madhavan said here.
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, Madhavan said.
The company proposes to renovate without any structural changes 100 select theatres where it had entered into screening agreements with, Madhavan said, adding that the company has a library of 650 films.
"We plans to foray into the field of Combined Entertainment Plexes (CEPs) and Drive-In Open air theatres by way of organic as well as inorganic growth," Madhavan said.