Adlabs Films okays 6% acquisition in Prime Focus

MUMBAI: Fast and now is what describes the pace at Adlabs Films and the Shettys are not pausing for breath yet.

After diversifying into the immensely successful multiplex venture, Manmohan Shetty is now looking at expanding the client base of Adlabs Films by offering post production services. The post production services will be offered as an integrated package along with the company's processing services.

For this, the Adlabs Films board of directors has approved the acquisition of up to six per cent stake in Prime Focus Limited. Prime Focus is a Mumbai based company that provides post production services such as editing, sound and special effects, graphics to the ad and film industry. The company promoted by Namit Malhotra is better known for the post-production of music video, Jalwa and of the Coke ad film showing an Aamir Khan double.

Adlabs Films had informed the Bombay Stock Exchange last Thursday that Adlabs promoters Manmohan Shetty and Vasanji Mamania had offloaded 0.7 million shares each amounting to 3.255 per cent respectively on 18 December 2003 through the open market. The respective stakes of Shetty and Mamania after the sale stand at 6.775 million shares each to the tune of 31.51 per cent.

In its third quarter results, Adlabs Films clocked a year on year rise of 42.15 per cent. The company recorded a net profit of Rs 58 million for the quarter ended 31 December 2003 vis-a-vis Rs 40.8 million in the corresponding period of the previous fiscal.

Total income for the quarter went up by 16.22 per cent to Rs 225.6 million, as against Rs 194.1 million for the corresponding quarter in the previous fiscal.

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