The board of Pyramid Saimira Theatre (PSTL), at its meeting held today, approved the plan to raise $100 million via issue of FCCBs as also the plan to set up an special purpose vehicle (SPV) along with realty developers for establishing about 100 malls with multiplexes in South India and about 100 malls with multiplexes in the rest of India.According to an official release issued by the company to the BSE today, the board also approved the JVs to be formed with those realty firms. An investment up to 50% shareholding in the SPVs to be formed, but not below 26%, based on the financial closure plan of the SPVs, has also been approved. As per initial estimates these SPVs will create approx 60 million sqft with an investment of Rs 20,000 crore spread over four years.In addition, the board also okayed raising the FII limit of the paid up capital of the company to 40%.
