Pyramid Saimira hits lower circuit

MUMBAI: Shares of Pyramid Saimira Theatre Ltd fell nearly 5 per cent for the second straight session after the firm said financial institutions have sold about 6 per cent shares, which the promoters had pledged with them to tide over a cash crunch.

Founder PS Saminathan sold 1.7 million shares, or 6.04 per cent between Dec 20 and Dec 31, while Uma Saminathan, another promoter, sold 152,839 shares or 0.27 per cent in the three months to December, disclosures to NSE showed.

The company clarified that it was facing a liquidity crunch and then suffered losses in a mega-budget film, 'Kuselan,' prompting the promoters to pledge some shares to raise funds.

PS Saminathan, also managing director of Pyramid, now holds 5.09 million shares or 17.99 per cent in the cinema operator.

At 10:45 am, the company's shares hit the lower circuit limit of Rs 32.15, down 4.88 per cent.