Midvalley Entertainment Plan To Increase Rs 60 Crore Via IPO Issue

Midvalley Entertainment IPO newsChennai based Midvalley Entertainment is considering to increase Rs 60 crore via capital market. Midvalley Entertainment has submitted DRHP (draft red herring prospectus) for 3rd time with the stock market regulator SEBI (Securities and Exchange Board of India ). Earlier it had filed draft red herring prospectus in July 2007 as well as Oct 2008.

The firm is involved in media as well as entertainment business in South India. It creates,exhibits and distributes movies both in foreign and Indian languages. Midvalley Entertainment has presently moved into screening deals with 46 theatres in distribution areas of Tamil Nadu and Hyderabad . It expects to include additional 300 screens in B and C class towns by June 2011 and modernize 100 theatres.

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