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Mumbai-based Prime Focus to raise $35M from StanChart Bank through NCDs

The deal comes soon after Standard Chartered Private Equity decided to invest $35 million in the company through a preferential allotment.
Prime Focus

Mumbai-based visual entertainment services company Prime Focus Ltd is raising $35 million (Rs 189 crore) from Standard Chartered Bank Group through non-convertible debentures (NCDs).

The deal comes soon after Standard Chartered Private Equity decided last month to invest $35 million into the company through a preferential allotment.

The proposed NCDs are subject to various terms and conditions, including execution of definitive documents and all requisite approvals and consents, and will be listed on the wholesale debt market segment of the Bombay Stock market.

Shares of Prime Focus closed at Rs 47.9 a unit on the BSE on Thursday, down 1.14 per cent in a Mumbai market up 0.3 per cent. The company counts Rakesh Jhunjhunwala and Ronnie Screwvala’s family office as its shareholders.

“We understand that there was general concern regarding the redemption of the FCCBs, which we have now addressed for all practical purposes. I am pleased to announce our ability in this environment to keep up our commitments to the institutions and the shareholders who have supported us. The closing of this financing strengthens the ability of the Prime Focus Group to continue on the path of growing our businesses and break new ground, internationally and domestically,” said Nishant Fadia, CFO of Prime Focus.

The company has $79 million of foreign currency convertible bonds (FCCBs) coming up for redemption in December 2012.

Prime Focus provides creative and technical services to the film, broadcasting and advertising markets. Its services include 2D-to-3D conversion, video and audio post-production and digital distribution, among others. The company employs 3,500 people and operates state-of-the-art facilities across North America, the UK and India.

(Edited by Sanghamitra Mandal)

Prime Focus Ltd. is a integrated media services provider. It offers visual effects, creative 3-dimensional conversion, animation, video, audio post-production, digital content management and distribution, digital intermediate, versioning, adaptation, and equipment rental. The firm also provides Technology Product and Services (including clear media enterprise resource planning and cloud media services) caters to film, broadcast, commercials, internet and media industries. The company was founded in 1997 and is based in Mumbai, Maharashtra.

Standard Chartered Bank Ltd. is engaged in providing personal and commercial banking services. Its services include personal banking plans, accounts, debit cards, credit cards, loans, investment services (including equity solutions, liquidity solutions, fixed income solutions and alternate solutions), insurance (including life insurance, home insurance, health and accidental insurance and business insurance), NRI (non-resident of India) banking (including non-resident (external) accounts, foreign currency non-residential deposits, money transfer and foreign exchange services), business installment loans, term loans, express trade, international trade accounts, loan against property, mutual funds and cash management services. The company also provides online banking services and mobile banking services. The company was founded in 1858 and is based in Mumbai, Maharashtra. Standard Chartered Bank Ltd. operates as a subsidiary of Standard Chartered Plc.

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