Private equity major Citigroup Venture Capital (CVC) has emerged as the front-runner for acquiring stake in Pyramid Saimira Theatres (PSTL) and its subsidiary Pyramid Saimira Productions (PSPL) for around $100 million (around Rs 400 crore). The companies are expected to make an announcement by month-end.
Other global financial majors like Caryle Capital, ABN Amro and Grant Thornton are also in talks to acquire a 14.9% stake in PSTL and 26% in PSPL.
According to sources close to the development, a 45-day due diligence by CVC is in its final stages, on completion of which the companies are expected to announce the deal.
When contacted, PSTL director Nirmal Kotecha admitted that that the group was in talks with five-six private equity majors for offloading stake.PSTL was looking at raising funds of around $150-200 million for its acquisition and expansion plans.
Read more in The Business Standard article.
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