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Prime Focus to raise Rs 330 cr via preferential warrants

Press Trust of India  |  New Delhi 

Media services firm today said its board has approved raising Rs 330 crore through issuance of share warrants on preferential basis.

"The Board of has approved to issue and allot, on a preferential basis, share warrants worth Rs 330 crore primarily to a promoter entity (Rs 300 crore) and balance to a non promoter investor (Rs 30 crore)," the company said in a filing.

It said the funds raised would be used largely towards debt reduction.

"The allotment would be a total of 3,11,32,076 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 April 1, 2018, but not later than 18 months from the date of issue of warrants," the company added.

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

of were trading 1.39 per cent up at Rs 102 on

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

First Published: Thu, December 07 2017. 13:10 IST