Inox plans to raise Rs 250 crore: Report

Inox plans to raise Rs 250 crore: Report

The capital raised from this fundraising will be used to pay existing loans, funding capital expenditure on under-construction properties

A worker wearing personal protective equipment (PPE) sanitizes seats inside the Inox Leisure movie theatre ahead of its reopening, amidst the outbreak of the coronavirus disease (COVID-19), in Mumbai. Credit: Reuters

Cinema chain Inox Leisure Ltd is planning on raising Rs 250 crore through a qualified institutional placement to attract investments as cinemas try hard to get back to normal after remaining shut for nearly seven months.

Citing sources familiar with the matter, Mint reported that Inox is working with ICICI Securities, IIFL.

The capital raised from this fundraising will be used to pay existing loans, funding capital expenditure on under-construction properties, the publication cited one of the sources as saying.

Cinemas reopened after seven months in India on October 15 as theatres adapt to film screenings under stringent Covid-19 norms. Cinema halls have gone 'contactless' and allowed only 50% seating and packaged snacks to curb the spread of the coronavirus

The centre had left it to the state administration to take a call on reopening of theatres and issue-specific guidelines in addition to Centre's own SOPs.