Shree Ashtavinayak shareholders give nod to 4:1 bonus issue

 The shareholders of Shree Ashtavinayak Cine Vision (SACVL) have approved a 4:1 bonus issue — four fully paid-up bonus equity shares for everyone existing fullypaid up equity share of Re 1 each of the company. SACVL, whose primary business is film production and distribution, also announced a $100 million (Rs 455 crore) expansion plan to either build or acquire its own studio in Mumbai. This move will help the company in integrating its pre- and post-production activities. The expansion plans will be routed through its newly-formed subsidiaries. SACVL plans to enter new geographies for content buying. It plans to distribute movies in the overseas market. SACVL, added the statement, plans to produce small budget films — those in the Rs 5-15 crore. Commenting on the expansion plans, Dhilin Mehta, chairman and managing director, SACVL said,