MUMBAI: Adlabs Films' promoters have diluted 7.5 per cent stake through preferential allotment of equity shares to international equity placement firm BSMA, an affiliate of Bear Stearns Asia, for $6 million.

The allotment was made at Rs 150 a share, the company informed the Bombay Stock Exchange.

Adlabs Films chairman Manmohan Shetty had told Indiantelevision.com on 18 April that the company was planning to raise Rs 400-500 million. The current placement to BSMA is seen as the first tranche of fund raising effort from Adlabs which is planning to set up seven multiplexes for this year.

Manmohan Shetty and Vasanji Mamania founded the entertainment company. Adlabs deals in distribution of movies and also in the exhibition segments. The company has also ventured into the entertainment sector by bringing IMAX Dome theatre as well as a cinema multiplex to the country.