Pyramid Saimira to raise $400 million

Pyramid Saimira Theatre Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 14, 2008, have unanimously approved the following:

1. Raising additional funds through FCCB / GDR / ADR upto US$ 400 Millions.

2. Increase of Borrowing Powers to the Board from the present Rs 1,500 Crores to Rs 3,000 Crores.

3. Increase of powers to the Board for Mortgage, creation of charge or lien on the assets of the Company upto Rs 2,500 Crores from the present limit of Rs 1,200 Crores.

4. Commencement of Food & Beverages business as contemplated in the "other object" of Memorandum of Association.

5. Additional investment upto a sum not exceeding Rs 300 Crores in group Companies.