Calcutta: Sibar Media & Entertainment Ltd (SMEL) will come out with an initial public offering (IPO) of 55 lakh equity shares of Rs 10 each for cash at par, aggregating Rs 5.50 crore on July 3, according to company sources.The proceeds of the issue will be used to part finance the Rs 23.35-crore childern park project at Guntur in Andhra Pradesh.
SMEL has already established 2-and 3-dimentional animation development centre, editing and recording facilities at Jubilee Hills in Hyderabad and at Nanddham Industrial State in Andheri-Mumbai, to cater and tap tthe film, Television serials and advertisement markets of Mollywood and Bollywood respectively. It has entered into strategic market alliance with Pixel Grind and Highwire Studios of USA to tap Hollywood market. It has developed VMC Sibar Disney Land & Water Park at Vijaywada in Krishna district of Andhra Pradesh in association with Vijaywada Municipal Corporation.
Inspired by the success of this park, SMEL is also developing a children park at Guntur in association with Guntur Municipal Corporation. The cost of the project is estimated at Rs 23.25 crore. For this Rs 15.50 crore will be raised from the promoter equity, Rs 5.50 crore through public issue and Rs 2.35 crore from bank term loan.
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