K Sera Sera Productions has entered an Agreement and Memorandum of Understanding with Sahara India Mass Communication (SIMC). The company, along with Varma Corporation, has bagged a contract for approximately Rs 27 crore from SIMC to make 10 Hindi feature films.
K Sera Sera Productions has also entered a Share Subscription Agreement with Sahara India. A notice regarding the same has been issued to the BSE. As per this agreement, K Sera Sera Productions has proposed to offer and issue 15,00,000 Equity Shares of Rs 10 each of the company at such premium as may be determined in accordance with SEBI Guidelines on the issue and subject to the approval of the shareholders of the Company at their General Meeting.
Further the company, on Friday in an another notice to the BSE, informed that its Board of Directors are meeting on January 6 to discuss the offer and issue of 15,00,000 Equity Shares to Sahara India Mass Communication on preferential basis.
K Sera Sera Productions, promoted by the NRIs Raj Sittal and Ash Pamnani, is moving in a big way into co-production of films. The MoU with Sahara India is in line with this move. The company’s first entered into a co-production deal with Ram Gopal Varma’s company ‘Factory’ and their first co-production was Darna Mana Hai which raked in net collections to the tune of Rs 5.77 crore all India.
The company is now getting ready for the release of its second film, Ek Haseena Thi starring Saif Ali Khan and Urmila Matondkar. The film is to be released on Januaray 16, as per a public notice sent by the producers. Ab Tak Chappan would follow Ek Haseena Thi.
Parag Sanghavi, President and Chief Executive Officer of K Sera Sera says that over the next five years, the production company has major plans for the entertainment business. “We plan to have a library of 25-30 films of our own and we also plan to open up distribution offices overseas,” Sanghavi says.
The company has big plans for television too. Its first production was Bollywood ke Superstars produced for Sony Entertainment Television. It was a 13-episode live format show with Bollywood’s biggest stars.
K Sera Sera is in talks with several television channels to produce shows for them. On the anvil is a show for Sahara Manoranjan. It is understood from sources that the show is a spoof on Bollywood films and the first episode on the film Lagaan titled Thakan has been canned and given to the channel. The production house is working out spoofs for several other films like Devdaas.
Formerly known as Garnet Paper Mills, K Sera Sera Productions has a current paid up equity of Rs 11.9 crore and during the second quarter ended September 2003, it clocked a turnover of Rs 7.4 crore. The net profit on this turnover was Rs 0.35 crore. While, the third quarter is expected to be dry, the fourth quarter is expected to bring better results.