Moving Picture Company, a television serial producer has tied up with Movie Makers International (MMI) of Dinesh Bansal to produce three fiction serials.

The company as part of the agreement has decided to issue 2.5 lakh equity issues on preferential basis to Mr Bansal for consideration other than cash as per SEBI guidelines according to a company release here.

MMI will enter into a joint venture with the company to produce serials. The preferential issue is being made against a value consideration of Rs 1.12 crore weighted average for one serial as per the valuation report received from an independent qualified valuer.

The company in a release here said, as and when the first and second series were also allocated to the joint venture, the company propose to issue an additional issue of 250,000 shares as valued consideration for each serial. An extraordinary general body meeting of the shareholders will be held on March 15 to ratify the proposal, the release said.