Shringar Cinemas, a movie distribution company and multiplexes owner, will spend up to 78% of the amount it plans to mop-up from the forthcoming IPO for setting up multiplexes.Shravan Shroff, manging director of Shringar Cinemas, said: The company is planning to set up seven multiplexes with 28 screens next fiscal in Mumbai, Pimpri, Surat, Kolkata, Thane, Aurangabad and Hyderabad."Shringar, which has three multiplexes in Mumbai surburbs Thane, Malad and Andheri with 14 screens at present, is also holding negotiations to set up three multiplexes in Delhi, he said."We are also looking at opening multiplexes in Punjab, Uttar Pradesh and southern states during 2006-07. In all, the plan is to set up multiplexes with 150 screens by 2,010," Shroff said.The company has fixed a price band of Rs 47-53 per share of Rs 10 each for the IPO, which will open on April 5 and close on April 11.
