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Pyramid Saimira To Close Unviable Subsidiaries; Stake Dilution Plans

Pyramid Saimira will undergo massive restructuring soon – it is closing shutters of ‘unviable’ subsidiaries overseas and bringing the others under a single umbrella. The Indian entertainment multinational lost Rs 40.32 crores when its Rajnikant starrer Kuselan bombed at the box office, and is now reeling under a massive liquidity crunch. (Related: the issue of stars in films). Pyramid Saimira was in the digital distribution business, owns a European DTH company Spize TV and gaming developer Aurona Technologies, among others. Pyramid Saimira had reported a net loss of Rs 74.74 crore in the quarter ended December 2008. It recorded net sales of Rs 137.94 crore. The company also faces a tax bill of Rs 26.57 crores that has been deferred to March 31st. Promoters To Dilute Further The core promoters, V Natrajan, N Narayanan and PS Saminathan, have already diluted their stake from 25 percent to 17.9 percent to raise liquidity to help it overcome the financial crisis. Other promoters include corporate bodies with 25 percent; FIIs/FIs hold around 12 percent; CitiGroup Global Markets, Bennett Coleman & CO, Mavi Investments with 3.41 percent, 1.77 percent and 1.81 percent respectively; Punjab National Bank with 3.54 percent. The promoters are now considering further diluting their shares and are talking to private equity players and financial institutions to raise liquidity. The Rise: A Pleasant Autumn... In June 2008, the company had leased over 45 lakh seats through 802 screens worldwide. In early September, Saimira acquired distribution rights for four more films in India.…

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