ICRA has assigned the ‘ICRA IPO Grade 3” grading to the initial public offer of 35 million equity shares to be issued by SRS Limited to the public. The grading reflects average fundamentals.
The company also recently announced that it would set up new cinemas in 15 locations across India with 51 screens and approximately 13,840 seating capacity.
SRS is a diversified company with a business portfolio comprising of cinema exhibition, food & beverages, retail and cash & carry and manufacturing, whole-selling & retailing of jewellery. The company was incorporated on August 29 2000 with the objective of trading in FMCG and it later entered into other business segments.
SRS received observations from Sebi on its draft document filed with it in July 2010.