Prime Focus is planning to acquire assets of Reliance MediaWorks and issue shares to Reliance MediaWorks towards this purpose. In this regard, the company has executed business transfer agreement (BTA), in accordance with the approval of the board of directors dated July 02, 2014 for transfer of the film and media services Business from Reliance MediaWorks comprising of the digital intermediate, digital cinema, shooting studio, visual effects and restoration facility amongst others, as a going concern on a slump sale basis for a net consideration of Rs 350 crore.
The board has approved Share Subscription cum shareholders’ agreement, for issuance of upto 23,076,923 equity shares to Monsoon Studio on preferential basis for a consideration of Rs 120,00,00,000, upto 23,076,923 equity shares to Reliance Media Works on preferential basis for a consideration of Rs 120,00,00,000 and upto 67,307,692 equity shares to Reliance Media Works are to be issued for a consideration other than cash towards the transfer of its film and media services business under the BTA.
Prime Focus is a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market. The group offers a genuine end-to-end solution from pre-production to final delivery including visual effects, 2D to 3D conversion, video and audio post production, equipment hire, multi-platform content operations solutions and digital distribution.
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