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Pyramid Saimira in stake sale talks - TV
MUMBAI |
MUMBAI (Reuters) - Pyramid Saimira Theatre Ltd is in talks for a stake sale in its subsidiaries to raise working capital, a top official said. "We have lost close to 100 crores (1 billion rupees) of cash in some divisions and also because of the general recession in the occupancy rates," Chairman P.S.Saminathan told television channel NDTV Profit.
"So we have lost some 100 crores of cash flow which we thought we should replenish.Instead of borrowing more money we have decided to sell off stake in our subsidiaries to put our main company on a growth trajectory," he said.
The company is in talks with strategic players for stake sale in two of its foreign subsidiaries and an Indian subsidiary, he said.
At 1.45 p.m., shares in the company were up 4.95 percent at 15.90 rupees in a weak Mumbai market.
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