MoneyWorks4Me

UFO Moviez gets nod for further investment in Nova Cinemaz

31 Aug 2024 Evaluate

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).

Peers
Company Name CMP
PVR Inox 1381.00
Saregama India 510.75
Shemaroo Entertain. 104.00
UFO Moviez India 57.35
Tips Music 718.50
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