Shringar Cinemas Limited, which operates the Fame brand of multiplexes in Mumbai and Nasik, has appointed Kumar Katra as its chief operating officer.
Katra, who has 12 years of experience in the hospitality industry, took over about a fortnight ago, and has the task of pushing the company's ambitious agenda.
On the cards is a property in Kolkata, which will be the first for the player, which currently operates in western India alone. Shringar has three properties - two running in Andheri and Malad, and one that is coming up in Khandivali (all three are Mumbai suburbs). It also has a property in Nasik, which was launched last year.
To finance its expansion plans, the company is looking to go public with an issue of 81,50,000 equity shares of the face value of Rs 10 each. Of this, 2,50,000 equity shares will be reserved for employees, while 50 per cent of the balance, that is, 39,50,000 shares will be for Qualified Institutional Buyers (QIB) on a discretionary basis. Another 25 per cent has been earmarked for Non-Institutional Bidders and 25 per cent more will be for Retail Institutional Bidders, both on discretionary basis.
The company has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India on January 14, 2005. Its book running lead managers to the issue are Enam Financials Consultants Pvt. Ltd. and JM Morgan Stanley.
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