UFO Moviez India (NSE:UFO, BOM:539141) secured its board's approval to invest up to 50 million Indian rupees into its subsidiary, Nova Cinemaz, through non-cumulative optionally convertible redeemable preference shares, according to an Indian bourse filing on Friday.
Nova Cinemaz will use the additional funding for capital expenditure, operational expenditure and working capital requirements.
The investment is expected to be completed by March 31, 2025, the filing said.
Shares of the digital cinema distribution network fell 1% in recent trade.
Price (INR): â¹130.78, Change: â¹-0.89, Percent Change: -0.68%
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