Pyramid Saimira - Outcome of Board Meeting

Pyramid Saimira Theatre Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 19, 2008, inter alia, considered and unanimously approved the following:1. Increase of Borrowing Powers to the Board from the present Rs 1,500 Crores to Rs 3,000 Crores.2. Commencement of Food & Beverages business as contemplated in the "other object" of Memorandum of Association.3. Investment upto a sum not exceeding Rs 300 Crores in group companies.The Board directed the Company Secretary to convene an Extraordinary General Meeting in order to get the approval of the shareholders, on the above proposals.The Meeting also considered and took on record the following:- Pyramid Saimira Production International Ltd, a subsidiary of Pyramid Saimira Theatre Ltd, is engaged in production of feature films and Television content.- Pyramid Saimira Entertainment Ltd, Singapore, a wholly owned subsidiary of Pyramid Saimira Theatre Ltd, is engaged in distribution of content procured from all over the World.- Pyramid Saimira Entertainment Ltd, Singapore, is considering a proposal to acquire majority stake in Pyramid Saimira Production International Ltd to leverage and synergize production and distribution operations.- This proposal of Pyramid Saimira Entertainment Ltd, Singapore was considered by the Board of directors in their meeting held on February 19, 2008 and it was unanimously felt that, such stake acquisition, will result in better consolidation of distribution and production, and also improve valuation and financial leveraging capacity of Pyramid Saimira group as a whole.