Prime Focus receives board approval for issue of warrants

India Infoline News Service | Mumbai | December 07, 2017 12:45 IST

In a board meeting held today, Prime Focus has received approval for issue of 3.1 cr fully convertible warrants on preferential basis.

Prime Focus
The company will be issuing 3.1 cr fully convertible preferential warrants for Rs330cr. The warrant holders will have a right to exercise the warrants (on or after April 01, 2018 but not later than 18 months from the date of issue of the warrants) and subscribe to one equity share of the company per warrant.

Monsoon Studio Pvt Ltd, a promoter group, will be issued ~2.8cr convertible warrants at a price of Rs106 each aggregating up to Rs300cr. The rest ~2.8 mn shares will be issued to non-promoter Anshul Doshi at the same price. 

The proceeds of the issue are expected to be utilized for reducing the existing debt of the company. Its consolidated net debt at the Q2FY18 end stood at Rs1,369cr. Also, the funds will support working capital needs of the company.

Prime Focus is one of the world’s largest independent integrated media services companies and amongst Top-4 providers of VFX. It employs over 9,000 professionals in 15 cities across 4 continents.

Prime Focus is currently trading at Rs101.4, up by Rs0.8 or 0.8% from its previous closing of Rs100.6 on the BSE. The scrip opened at Rs102.1 and has touched a high and low of Rs103.9 and Rs98.2 respectively. The current market cap of the company is Rs3006.7cr.

***Note: This is a NSE Chart



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