India's Cinemax seeks PE
Movie theater chain Cinemax India Ltd. is hunting for a private equity partner to help it raise INR150 crore ($32.1 million) to expand its business, according to local reports.
Mumbai-based Cinemax is potentially looking to double its business operations over the next two to three years, by both expanding the number of screens it manages and its theater locations, reports note. The company's total income in FY2007-08 was INR106.28 crore ($22.8 million), as compared to INR95.74 crore ($20.5 million) the previous year. It is currently 68% owned by real estate group Kanakia, which will reportedly retain control of the company following Cinemax's fundraising exercise.
Reports cite sources who suggest that the funds may be injected through structured private equity transactions worth $30-40 million via convertible instruments. Cinemax is being advised by Enam Securities.
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