Indiantelevision.com's > Digital Edge > Prime focus gets HC nod to merge subsidiary firm
Indiantelevision.com's
Digital Edge
Prime
focus gets HC nod to merge subsidiary firm
Indiantelevision.com
Team
(3 December 2008 2:00 pm)
MUMBAI: Prime Focus, the post production
and special effects firm, has got the approval
from Bombay High Court to merge its wholly
owned subsidiary Storemedia Technologies
with itself.
The
High Court on 28 November has approved the
Scheme of Arrangement between Prime Focus
and Storemedia, and their respective Shareholders
and Creditors for the amalgamation, the
company told the BSE.
As
reported earlier by Indiantelevision.com,
Prime Focus intends to merge Storemedia. The
company is also planning to issue 100 shares
for every 45 shares held by members of Storemedia
Technologies. The swap ratio will, thus, entail
issuing 100,000 shares from Prime Focus.
