Crest
Animation Studios Ltd is planning to raise up to $12 million
through the issue of foreign currency convertible bonds (FCCBs)
for part financing three feature films.
The company's US subsidiary, RichCrest Animation, had earlier
signed a three-picture co-production and co-financing agreement
with Lions Gate Entertainment. Crest's contribution for these
three projects would be around $30 million.
Crest's
board, which met today, has approved the raising of funds through
issue of FCCBs. The company is looking at a mix of debt and
equity to fund the film projects.
The
first of the three CGI movies,‘Sylvester and the Magic Pebble’,
is based on the Caldecott medal-winning story by William Steig,
the creator of the blockbuster Shrek. The pre-production work
on the movie is near completion, and the production plan is
as per schedule for 2008 release.
Said
Crest Animation Studios CEO AK Madhavan, “We are excited to
begin work on the first full length 3D CGI movie that will
come out of India. Today, all the key components for the movie,
the story, the production facilities, financing and the most
critical of all, distribution, are in place. The landmark
deal has put Crest amongst the only seven studios in the world
to have the capability of producing 3D movies in CGI space.”
Meanwhile,
Crest has posted a net profit of Rs 4.6 million for the third
quarter ended 31 December 2005, as against a loss of Rs 5
million reported during the corresponding quarter of the previous
year.
Revenues
rose nine per cent rise to Rs 72.9 million as compared to
Rs 66.9 million for the corresponding quarter of the previous
year. Profit before depreciation, interest and tax (PBDIT)
at Rs 24.2 million grew by 28 per cent.
For
the nine months ended 31 December, Crest reported revenues
of Rs 215.8 million, up 6 per cent from Rs 203.5 million during
the corresponding period last year. Profit before depreciation,
interest and tax (PBDIT) rose by 4 per cent to Rs 75.2 million,
while net profit for the nine months increased to Rs 60.5
million from Rs 6.3 million.
|
