News Helpline | July, 08 2014
Reliance Mediaworks and Prime Focus promoters Naresh and Namit Malhotra will also invest Rs 120 crore each into Prime Focus through a preferred allotment at Rs 52 per share.
Post this transaction, Reliance Mediaworks promoters will own 30.2% stake in the company on a fully diluted basis, while Prime Focus promoters will own 33.5% stake on a fully diluted basis. Namit Malhotra will head the combined entity as its Executive Chairman and Group CEO.
It’s worth noting that Reliance Mediaworks was delisted earlier this year, after receiving the board approval in January this year which was later cleared by its shareholders.
Prime Focus promoters and Reliance Mediaworks have also launched (pdf) a open offer to acquire up to 26% stake in Prime Focus at Rs 52 per share, in compliance with SEBI rules and regulations.
The combination will result in the immediate extension of Prime Focus’ infrastructure across India, the U.K. and North America, which includes a total of one million sq. ft. of facilities, including studio facilities in Film City, Mumbai, 30 per cent stake in renowned Hollywood VFX house, Digital Domain, and 100 per cent ownership of Los Angeles-based digital film restoration firm, Lowry Digital.
Prime Focus founder Namit Malhotra will be the Executive Chairman and global CEO of Prime Focus.
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