UFO Moviez India has received approval from Board of Directors of the Company for further investment of up to Rs 5 crore in a phased manner in Nova Cinemaz (NOVA), Wholly Owned Subsidiary of the Company through Non-Cumulative Optionally Convertible Redeemable Preference Shares (NCOCRPS).
The investment amount will be used by NOVA for meeting its Capital Expenditure, Operational Expenditure and Working Capital Requirements. The acquisition shall be made in phased manner and is expected to be completed by March 31, 2025.
UFO Moviez India operates India’s largest satellite-based, digital cinema distribution network (in terms of numbers of screens) using its UFO-M4 platform, as well as India’s largest D-Cinema network (in terms of numbers of screens).
