Shree Ashtavinayak Cine Vision, Well-known Cine-entertainment firm, has announced that the company has raised $33 million (Rs 132 crore) via foreign currency convertible bonds (FCCBs) with an option to raise an additional $5 million.

The proceeds of the issue shall be utilized for production of movies and purchase of IPR of movies outside India. The bonds have a maturity of 5 (five) years due on 2012, an official release said.

The underlying equity shares on conversion will be listed on BSE and NSE. The FCCBs will be listed on the Singapore Stock Exchange, it added.

Dhilin Mehta, Managing Director of the company said, "We are looking at exploring production and distribution opportunities for Hindi and international films. We are in the process of finalizing scripts. It is too early to announce anything now."

The company recently produced the Shahid Kapur - Kareena Kapoor starrer Jab We Met and also distributed Welcome, Hey Baby and Om Shanti Om in select territories.

The company presently holds market cap worth Rs. 470 crore, PE Ratio of 30.60; EPS of 15.30 and BV of 37.87. The firm had showed a net profit of Rs 1 crore for the quarter ended September 2007.

The stock closed today at Rs. 470 on NSE, up by 5% compared with previous close of Rs. 448. It touched an intraday high of Rs 481 and low of Rs 453.