MUMBAI: Indias second largest multiplex chain Inox Leisure is set to raise up to Rs 120.8 crore from its promoters via issue of preference shares.
The Board of Directors of Inox Leisure on Thursday approved preferential issue of up to 5 million equity shares to promoter Gujarat Fluorochemicals at a price not less than the floor price of Rs 241.71 per share.
The company said that funds raised through the preferential issue will be used for reducing debt, improving leverage, enhancing borrowing power for future growth opportunities and increasing profitability.
Inox has called an Extra-ordinary General Meeting (EGM) on November 29, to get shareholders approval.
Inox currently operates 132 multiplexes and 536 screens in 66 cities and expanding aggressively into places like Gwalior, Jaipur, Hyderabad and Delhi NCR while adding new properties in Delhi NCR, Mumbai and Bengaluru amongst others.