Chairman to buy 24.9% stake in Pyramid Saimira for Rs 1.4 bn

MUMBAI: Chennai-based Pyramid Saimira Theatre Ltd (PSTL) chairman PS Saminathan is set to acquire seven million equity shares of the company for a proposed price of Rs 1.4 billion.

Saminathan will buy the 24.9 per cent shares of the company at a proposed price of Rs 200 per share from NC Ravichandran and Nirmal Kotecha.

With this, Saminathan‘s personal holding in PSTL will go up to 46.8 per cent, or 13,258,575 shares, of the total paid up capital.

The mode of proposed acquisition is by way of Inter-se Transfer and the date of proposed acquisition is from 15 October, 2008.

The shares of PSTL closed 19.97 per cent up at Rs 73.30 on Monday on the BSE.