Prime Focus to enter capital market on May 25

Mumbai, May 22 (UNI) Prime Focus, an integrated end-to-end post production and visual effects service house, proposes to enter the capital market on May 25 with a public issue of Rs 115 crore through the book building process.

The price band has been fixed at Rs 450 to Rs 500 per equity of Rs ten each and the issue closes on May 31.

The Company proposes to utilize the net proceeds of the issue to part finance its Indian operations expansion plans and for setting up high-end digital studios at Los Angeles, London and Dubai and high-definition camera rental facility, according to a press release here today.

Prime Focus has recently acquired a 55 per cent stake in VTR group which is a UK-based media service company with revenue in excess of over pound stering 21 million. VTR is a leading post production group in the UK with over 20 years of post production and visual effects experience.

Adlab Films is a strategic investor in Prime Focus and has 4.66 per cent of the existing equity capital, apart from Rakesh Jhunjhunwala and Rekha Jhunjhunwala who hold about 8.5 per cent stake, the release added.

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