Television

Reliance MediaWorks and others acquire 54 per cent of Prime Focus

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BENGALURU: Reliance MediaWorks Limited (RMWL) along with Reliance Land Works Private Limited (RLWPL) and others had sought to acquire 26 per cent or 7,77,08,534 shares (about 77.7 million shares) of Prime Focus though a public offer from its shareholders.

The acquirers offered a price of Rs 52 per equity share of face value of Re 1 each. The total value of the offer was Rs 404,08,43,768 (about Rs 4.04 billion). The planned acquisition would increase the shareholding of RMWL and others to 63.96 per cent, the other 37.96 per cent to be obtained by way of preferential allotment through agreements.

 

The other parties include Namit Malhotra, Naresh Malhotra and Monsoon Studio Private Limited (MSPL). MSPL is a wholly owned company by Namit Malhotra and Naresh Malhotra who are its promoters.

 

As per the public press advertisement issued by the acquirers, they have managed to obtain 16.1 per cent representing 4,81,24,618 shares (about 48.1 million shares) at a cost of Rs 250,24,80,136 (about Rs 2.5 billion) taking the total shareholding of RMWL and others to 54.06 per cent once the preferential allotment is complete.

 

Prime Focus has announced an Extra Ordinary General Meeting (EGM) on 29 January, 2015 to create, offer, issue and allot, from time to time and in one or more tranches, by way of a Preferential Issue, through offer letter and/or circular and/or information memorandum and/ or private placement memorandum and/or such other documents/writings, in such a manner and on such terms and conditions as may be determined by the Board in its absolute discretion to the acquirers viz., (1) up to 23,076,923 equity shares to MSPL; (2) up to 23,076,923 equity shares to RMWL as first RML subscription shares (3) up to 67,307,692 equity shares to RMWL as second RML subscription shares.

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