Cineline India acquires 25 screens on lease basis; Stock ends 5% higher

28 Jan 2022 , 04:01 PM

Cineline India Limited has acquired 25 screens on a lease basis of which 7 in Hyderabad, 6 are in Noida, 3 in Gurgaon, 4 in Nagpur, and 5 in Punjab. All the screens are leased properties. These theatres will have an aggregate seating capacity of more than 5,000 seats.

Post-March 31, 2022, the company will also have access to its own 9 properties with 23 screens across Mumbai, Thane, Nashik, and Nagpur having an aggregate seating capacity of more than 6,000 seats.

The company will grow the Film exhibition business aggressively in due course of time by acquiring theatre properties PAN India.

Cineline India Ltd ended at Rs91.20 per piece up by Rs4.3 or 4.95% from its previous closing of Rs86.90 per piece on the BSE.

“We are delighted to announce the tie up of additional 25 screens across India. With this, we have 48 screens and over 11,000 seats in total. We are seeing huge opportunity for organized players to increase their foothold and plan to create a strong consumer-oriented brand in this segment.

Over the next few months, we will continue to acquire additional screens PAN India. There is a strong pipeline of movies coming up and we see a huge opportunity to grow exponentially in this space,” Rasesh Kanakia, Chairman, said.