Mumbai-based Prime Focus to raise $35M from StanChart Bank through NCDs
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 engaged in providing creative and technical services to the film, broadcast, commercials, internet and media industries. Its services include visual effects, creative 3 dimensional conversion, animation, video, audio post-production, digital content management and distribution, digital intermediate, versioning, adaptation and equipment rental. The company was founded in 1997 and is based in Mumbai, Maharashtra.
- Prime Focus to sell part of UK broadcast unit to PE-backed firm led by former exec
- Anil Ambani co merging part of media business with Prime Focus, to pick 30.2% stake
- Prime Focus Technologies raises $7.5M through OCD issue; deal values firm at arou...
- Prime Focus to acquire US-based cloud services provider DAX for $9.1M
- We look at clearing debt worth $20-25M, will make acquisitions overseas: Namit Ma...
- Entertainment services firm Prime Focus raising $52.8M from Macquarie Group
Standard Chartered Bank India Ltd. is engaged in providing personal and commercial banking services. Its services include personal banking plans, accounts, debit cards, credit cards, loans, investment services, insurance, NRI accounts services includes trade services and working capital, business installment loans, term loans, express trade, international trade accounts, foreign exchange trading, loan against property, mutual funds and cash management services. The company also provides online banking services. The company was founded in 1858 and is based in Mumbai, Maharashtra. Standard Chartered Bank India Ltd. operates as a subsidiary of Standard Chartered Plc.
- Bill Winters named new StanChart global chief; Jaspal Bindra to quit as Asia head
- StanChart, Dhillon family putting over $90M in Religare Enterprises
- RBI allows expanded foreign bank presence in new rules
- L&T plans $500M-$1B IPO in Singapore for toll road assets
- StanChart PE raises holding in Fortis Healthcare to 2.7% with preferential allotment
- StanChart PE raises stake in Fortis for over $7M, total commitment now at $27.5M