Prime Focus’ technology subsidiary - Prime Focus Technologies (PFT), has raised Rs 45crore through a private placement of optionally convertible debentures (OCDs) from a diverse base of High Net-worth Individuals. The funds raised would be used to fuel expansion of its Cloud Technology, CLEAR in the global markets as well as for retiring debt.
After 2 years, investors will also have an option of converting up to 25% of the total principal amount into equity of PFT. As part of the process, the current base equity valuation of PFT as determined by a Big Four accounting firm has been established at Rs 1,100 crore.
CLEAR Media ERP is a pioneering solution and market leader with the world’s biggest broadcasters and distribution networks using it for managing their revenue and time critical content operations. CLEAR already hosts and manages over 350,000 hours of content and delivers more than 200 TV shows a day.
