Compact Disc gets Pele to act in Rs309 crore animation film
19 Dec 2008
Integrated media and entertainment company Compact Disc India (CDI) will invest Rs309 crore ($63 million) for an animation feature film and multi platform gaming.
The board of directors of Compact Disc India Ltd at its meeting on 18 December, approved the $63 million (Rs309 crore) investment in the animation feature film, multi-platform gaming and merchandising of a project with legendary and Brazilian soccer king Pele, the company said in a filing with the Bombay Stock Exchange.
The company has allotted 14,00,000 convertible warrants of the company at a price of Rs100 each to Pariscope Pictures Pvt Ltd after receiving Rs1,40,00,000 being 10 per cent of total issue price. The warrants will be convertible within a period of 18 months at the option of allottee, into fully paid-up equity shares of Rs 10 each at a premium of Rs 90 per share.
The board also approved subscription of a minimum 50 per cent in the equity of Laser Infomedia Ltd, a company to set up gaming development and publishing project.
The project, with an outlay of Rs92.70 crore, will be set up in NCR, Delhi.
Compact Disk India said it has received a $10 million 10-year loan from iMedia Ventures at rate Libor plus 175 basis points. This loan will be secured in a foreign Company promoted by CDI.
Compact Disc India (CDI), an integrated media and entertainment company, today said it will invest $63 million (Rs 309 crore) for animation feature film and multi platform gaming.
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