Mumbai-based visual entertainment services firm Prime Focus Ltd has appointed Udai Dhawan as nominee director for Standard Chartered Private Equity (StanChart PE).
Dhawan replaces Nainesh Jaisingh, global co-head of StanChart PE, who has stepped down due to other pre-occupation, Prime Focus said on Thursday.
StanChart PE had last year raised its holding in the firm by acquiring over 9% additional stake from Reliance MediaWorks Ltd (RMW). It currently owns over 21% stake in the firm.
The deal enabled Anil Ambani-led Reliance Group and Prime Focus promoters Naresh and Namit Malhotra to comply with the minimum public holding norms for listed firms. The two partners together owned a 79.8% stake in the firm earlier. They will now own about 35% each.
Although shareholding disclosures still count RMW as a public shareholder, its holding would be classified as part of the promoter group eventually because Reliance Group has become a co-promoter. After the reclassification, it would have had to bring down the total stake to 75%, the maximum allowed for promoters in listed firms.
In 2014, Reliance Group, which took one of its media companies RMW private, merged a part of the firm with the listed Prime Focus to create a global media services powerhouse.
RMW, which was earlier known as Adlabs Films Ltd and was acquired by the Anil Ambani group from Manmohan Shetty a few years ago, moved its global film and media services business into Prime Focus as part of the deal.
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