This project, titled "Direct To Theatre" will attempt to provide more accountability and transparency in the dealings between the producer and the exhibitor. "As part of its plans, Puja Entertainment will provide content to the larger television channels," said Mr Bhagnani. Among these are Star, Zee and Sony. He added that the existing film production facilities will also be used to produce music albums. "This will be an in-house project where we will scout for fresh talent" explained Mr Bhagnani. The company's audio business is scheduled to expand its manufacturing capacity. The plans on this front include installing automatic machines to manufacture blank cassette frames. Puja Entertainment has an arrangement with Tips where Tips will source all its requirement exclusively from Puja. Puja Entertainment has made blockbusters like Coolie No 1, Hero No 1 and Bade Miyan Chhote Miyan. Mr Bhagnani recently signed the biggest music deal ever with Saregama.The value of this deal is estimated to be Rs 25 crore for the next five films to be produced by Puja Entertainment. The first among these is scheduled for release later this year. Overall, all the five films are expected to be completed and released by the end of 2003.

IPO pegged at Rs 75 crore
Puja Entertainment's IPO is pegged at Rs 75 crore with an offer price of approximately Rs 165 per share. "We will be diluting 20 per cent of Puja Entertainment through the IPO" he explained. Ask-Raymond James will be the lead managers to the issue. This will be a domestic offering which will hit the market in March 2001.