Pyramid Saimira Theatre Ltd (PSTL) is planning to raise funds through Foreign Currency Convertible Bonds (FCCB) or Global Depository Receipt (GDR) up to $400 million (Rs 1,600 crore).

The company is looking at March 2008 as a deadline to raise the funds. The funds raised will be used to consolidate the company’s international businesses and pursue plans for global acquisitions and expansion.

Chennai-based, PSTL operates as a theatre chain company in India. It operates a network of theatres, including malls, multiplexes, cine-plexes, and standalone theatres. The company is setting up an integrated Network Operating Center, which converts films into digital and transmit these films using satellite medium to various theatres in a secured encryption mode. It also operates in Malaysia and Singapore. As of June 30, 2007, the company operated 29 multiplexes with 371 screens.

Pyramid will convene an EGM to get shareholders approval for the fund-raising programme.

Pyramid Saimira, recently acquired a 51% stake in Mumbai-based Dimples Cine Advertising & Dimples Cine Activations. The company also acquired Texas-based FunAsiA through its subsidiary; Pyramid Saimira Entertainment America.