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K Sera Sera Productions Board approves preferential issue

12-February-2004
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K Sera Sera Productions Board approves preferential issue

At a recently-held Extraordinary General Meeting (EGM), the Board members of K Sera Sera Productions have approved a preferential issue and an increase of the authorized share capital of the company from Rs 15 crore to Rs 25 crore.

As per the announcement made to the Bombay Stock Exchange on February 11, 2004, the company said that the offer and issue of equity shares on preferential basis up to 33.5 lakh shares of Rs 10 each aggregating to Rs. 3.35 crore in nominal value to Strategic Investors / Indian Residents/ Domestic Companies/ Mutual Funds / NRIs/ PIOs / OCBs and such other people including foreign nationals as may be though fit by the Board of Directors (BoD).

On December 31, K Sera Sera Productions had 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 had 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.

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 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 of Rs 5.77 crore all India.

The company then released its second film, Ek Haseena Thi starring Saif Ali Khan and Urmila Matondkar. Ab Tak Chappan is the next film in line. 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 is expected to bring better results.

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