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Prime Focus in action as board approves issue of share warrants

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gained 2.9% to 103 at 14:45 on after the company said that its board approved to issue and allot, on a preferential basis, share warrants worth Rs 330 crore.

The announcement was made during market hours today, 7 December 2017.

Meanwhile, the S&P Sensex was up 272.56 points, or 0.84% to 32,869.74. The S&P Mid-Cap index was up 194.03 points, or 1.16% to 16,856.91.

On the BSE, 23,563 shares were traded in the counter so far, compared with average daily volumes of 24,266 shares in the past one quarter. The stock had hit a high of Rs 104 and a low of Rs 98.25 so far during the day. The stock had hit a 52-week high of Rs 124.35 on 16 May 2017. The stock had hit a 52-week low of Rs 63.45 on 22 December 2016.

The stock had outperformed the market over the past one month till 6 December 2017, falling 0.45% compared with 3.36% drop in the Sensex. The scrip had, however, underperformed the market in past one quarter, dropping 1.66% as against Sensex's 2.95% rise. The scrip, had, however, outperformed the market in past year, rising 46.11% as against Sensex's 23.51% rise.

The mid-cap company has equity capital of Rs 29.89 crore. Face value per share is Re 1.

The board of (PFL) approved to issue and allot, on a preferential basis, share warrants worth Rs 330 crore primarily to a promoter entity totaling Rs 300 crore and balance to a non promoter investor of Rs 30 crore.

The funds raised would be used largely towards debt reduction which is in line with the company's stated priority to significantly bring down the leverage of the group. The allotment would be a total of 3.11 crore warrants at the price of Rs 106 per share, with a right exercisable by the warrant holder to subscribe for one ordinary share per warrant which option shall be exercisable on or after 1 April 2018, but not later than 18 months from the date of issue of warrants.

The promoter holding, on full conversion, will increase to around 40% from 35% as on 30 September 2017.

reported consolidated net profit of Rs 21.87 crore in Q2 September 2017 compared with net loss of Rs 39.50 crore in Q2 September 2016. Net sales rose 17.3% to Rs 546.17 crore in Q2 September 2017 over Q2 September 2016.

is an independent integrated media services company. It provides end-to-end creative services (visual effects, stereo 3D conversion and animation), technology products & services (media ERP Suite and cloud-enabled media services), production services (equipment rental) and post-production services (digital intermediate and picture post) to the media and entertainment industry.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 07 2017. 14:45 IST