Prime Focus to get $35 million from Stan Chart Private Equity

The co will issue warrants to the promoter, representing a right to subscribe to equity shares for an aggregate amt of Rs 104 cr on pref basis

Prime Focus Limited, the global visual entertainment services group, announced that Standard Chartered Private Equity (Mauritius) III Limited will subscribe to equity shares of the company on preferential basis for an aggregate amount of $35 million (Rs at a maximum price of Rs 53 per equity share.

In addition, the company will issue warrants to the promoter Namit Malhotra, representing a right to subscribe to equity shares, for an aggregate amount of Rs 104 crore on preferential basis. These warrants are convertible into equity shares at a maximum price of Rs 53 per equity share.

The company will convene an Extraordinary Shareholders’ Meeting (EGM) on 3 November to seek shareholders’ approval for these transactions.

Ramki Sankaranarayanan, Managing Director and CEO, Prime Focus said, “We are delighted to have Standard Chartered Private Equity as our long term partner with this equity infusion. In conjunction, we are in the process of raising long term debt to support the redemption of the FCCB due later in the year and are in a fairly advanced stage of negotiation with various lenders.”