To acquire assets of Reliance MediaWorks for Rs 350 crore
Prime Focus announced that the Company proposes to acquire assets from Reliance MediaWorks and issue shares to Reliance MediaWorks towards this purpose the Company has executed;1. Business Transfer Agreement ("BTA"), in accordance with the approval of the board of directors dated 02 July 2014 and the members dated 01 August 2014, for transfer of the film and media services Business from Reliance MediaWorks comprising of the digital intermediate, digital cinema, shooting studio, visual effects and restoration facility amongst others, as a going concern on a slump sale basis for a net consideration of INR 350 crore.
2. Share Subscription cum Shareholders' Agreement, in accordance with the approval of the board of directors dated 02 July 2014 and the members dated 01 August 2014, for issuance of (i) upto 23,076,923 equity shares to Monsoon Studio on preferential basis for a consideration of Rs. 120 crore (ii) upto 23,076,923 equity shares to Reliance Media Works on preferential basis for a consideration of Rs. 120 crore and (iii) upto 67,307,692 equity shares to Reliance Media Works are to be issued for a consideration other than cash towards the transfer of its film and media services business under the BTA.
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