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Pyramid Saimira to raise Rs 844 million via IPO, sets price band at Rs 88-100
MUMBAI: Chennai-based cinema chain Pyramid Saimira plans to raise Rs 844.4 million through a public float to part-finance its expansion plans. This includes refurbishing theatres after taking them on long term lease and installing digital systems of delivery.
The issue, which opens on 11 December and closes on 18 December, will have a price band of Rs 88 to Rs 100 per equity share of Rs 10 each. The initial public offering (IPO) will be entirely through the book building process.The total fund requirement is estimated at Rs 1.11 billion. The funding will be met through pre-issue capital and internal accruals of Rs 267.5 million, in addition to the IPO.
For refurbishing the theatres, the company plans to invest Rs 368 million while digitalisation process will absorb Rs 241.4 million. The other big investment of Rs 203.4 million will be towards recoverable security deposit with theatres and multiplexes.
The company plans to tie up with 120 theatres in A locations and 235 threatres in B and C locations by March 2007. The average length of the lease varies from five to 15 years with the option to extend it.
Pyramid Saimira has tied up with Delta Electronics, Taiwan, for digital projectors, Real Image Media for video servers and Tatanet for the utilisation of their broadband VSAT infrastructure. Arasor Inc, USA, will provide for next generation laser projection technology, Valuable Media for end-to-end digital cinema solution on pay-per-use basis in 1000 Pyramid theatrical locations and Prasad Labs for digital conversion.
With focus on tier II cities, Pyramid plans to have a pan India presence. “We are currently present in the southern states. But we are soon spreading out to Punjab, Haryana and Rajasthan,” says Pyramid Saimira Theatre managing director PS Saminathan. The company has tied up with Spirit Global Constructions which shall construct 60 propoerties in Punjab while Swatantra Land & Finance shall offer 22 properties at Haryana and 20 properties at Rajasthan.
“We plan to have over 2000 screens in 1550 locations across India with 58.75 million sq. ft. under operational management by 2010,” says Saminathan. The company currently has 148 screens operational with over 1.8 million sq. ft.
The company is close to signing a deal with Chinese government to run 7,000 theatres on the mainland. Bennett Coleman and Company Ltd (BCCL), publishers of The Times of India and The Economic Times, has bought a small stake in the company.
Among the promoters of Pyramid Saimira include noted Tamil film producer V Natarajan and Saminathan who owned a cable TV network in parts of Tamil Nadu.
News Broadcasting
Induction cooktop demand spikes 30× amid LPG supply concerns
Supply worries linked to West Asia tensions push households and restaurants to turn to electric cooking alternatives
MUMBAI: As geopolitical tensions in West Asia ripple through global energy supply chains, the familiar blue flame in Indian kitchens is facing an unexpected challenger: electricity.
What began as concerns over the availability of liquefied petroleum gas (LPG) has quickly evolved into a technology-driven shift in cooking habits. Households across India are increasingly turning to induction cooktops and other electric appliances, initially as a backup but now, for many, a necessity.
A sudden surge in demand
Recent data from quick-commerce and grocery platform BigBasket highlights the scale of the shift. According to Seshu Kumar Tirumala, the company’s chief buying and merchandising officer, demand for induction cooktops has risen dramatically.
“Induction cooktops have seen a significant surge in demand, recording a fivefold jump on 10 March and a thirtyfold spike on 11 March,” Tirumala said.
The increase stands out sharply when compared with broader kitchen appliance trends. Most appliance categories are growing within 10 per cent of their typical demand levels, while induction cooktops have witnessed explosive growth as households rush to secure an alternative cooking option.
Major e-commerce platforms including Amazon and Flipkart have reported rising searches and orders for induction stoves. Quick-commerce apps such as Blinkit and Zepto have also witnessed stock shortages in major metropolitan areas including Delhi, Mumbai and Bengaluru.
What was once considered a convenient appliance for hostels, small kitchens or occasional use has suddenly become an essential addition in many homes.
A crisis thousands of miles away
The trigger for this shift lies far beyond India’s kitchens.
Escalating conflict in the Middle East has disrupted shipping routes through the Strait of Hormuz, one of the world’s most critical energy corridors. Nearly 85 to 90 per cent of India’s LPG imports pass through this narrow waterway, making the country particularly vulnerable to supply disruptions.
The ripple effects have been swift.
India currently meets roughly 60 per cent of its LPG demand through imports, and tightening global supply has already begun to affect domestic availability and prices.
Earlier this month, the price of domestic LPG cylinders increased by Rs 60, while commercial cylinders rose by more than Rs 114.
To discourage panic buying and hoarding, the government has also extended the mandatory waiting period between domestic refill bookings from 21 days to 25 days.
Restaurants feel the pressure
The strain is not limited to households. Restaurants, hotels and roadside eateries are also grappling with supply constraints as commercial LPG availability tightens under restrictions imposed through the Essential Commodities Act.
In cities such as Bengaluru and Chennai, restaurant associations report that commercial LPG availability has dropped by as much as 75 per cent, forcing many establishments to rethink their kitchen operations.
Some restaurants have reduced menu offerings, while others are rapidly installing high-efficiency induction systems, creating hybrid kitchens where electricity now shares the workload with gas.
For smaller eateries and roadside dhabas, the shift is less about sustainability and more about survival.
A potential structural shift
The government has maintained that there is no nationwide LPG crisis and has directed refineries to increase production to stabilise supply.
Nevertheless, the developments of March 2026 may already be triggering a longer-term behavioural shift.
For decades, LPG has been the backbone of cooking in Indian households. However, recent disruptions have highlighted the risks of relying on a single fuel source.
Increasingly, households appear to be hedging against uncertainty by adopting electric cooking options to guard against price volatility and delivery delays.
If the current trend continues, the induction cooktop, once viewed as a niche appliance, could emerge as a quiet symbol of India’s evolving kitchen economy.
