Cineline India acquires 27 additional screens

9 Feb 2022 , 09:28 AM

In its press release on Wednesday, Cineline India Ltd. announced that the Company has acquired 27 additional screens on a lease basis of which 9 are in Uttar Pradesh, 6 in Rajasthan, 5 in Noida, 5 in Gujarat, and 2 in Maharashtra.

These theatres will have an aggregate seating capacity of more than 5,500 seats. The Company will continue to grow its Film exhibition business aggressively in due course of time by acquiring theatre properties PAN India.

“We are delighted to announce the tie-up of additional 27 screens across India. With this, we have tied up with 75 screens and over 16,500 seats in total. We are seeing a huge opportunity for organized players to increase their foothold and plan to create a strong consumer-oriented brand in this segment, said Mr. Rasesh Kanakia, Chairman commenting on the acquisition.

He further added “Over the next few months, we will continue to acquire additional screens PAN India. There is a strong network of movies coming up and we see a huge opportunity to expand and grow exponentially in this space.”

Cineline India is currently trading at Rs117.05 down by Rs2.5 or 2.09% from its previous closing of Rs119.55. The scrip opened at Rs119.50 and has touched an intraday high and low of Rs119.50 and Rs113.50 respectively.