Cinemax India (CIL) is planning to transfer its theatre exhibition business to a wholly-owned subsidiary Cinemax Exhibition India (CEIL) with effect from April 1, 2012.
The company’s board has approved the scheme of arrangement between CIL and CEIL, a wholly owned subsidiary of CIL, and their respective shareholders and creditors. Moreover, one fully-paid equity share of Rs 5 each of CEIL shall be issued and allotted for every one fully-paid equity share of Rs 10 each held in the company (CIL).
Further, the face value and paid-up value per share of the company will reduce from Rs 10 to Rs 5 per share and the aggregate paid-up share capital will also come down from Rs 28 crore to Rs 14 crore.
Cinemax India is among the largest exhibition theatre chains in India and is engaged in business of building, owning, and operating multiplexes, theatres and entertainment centres.
