Prime Focus gains on divesting 30% stake in DD-Reliance to DDHL

Prime Focus Ltd. | Business Support | Miscellaneous | BSE: 532748 | NSE: PFOCUS

28 Apr 2016 Evaluate

Prime Focus is currently trading at Rs. 55.00, up by 0.55 points or 1.01% from its previous closing of Rs. 54.45 on the BSE.

The scrip opened at Rs. 55.00 and has touched a high and low of Rs. 55.00 and Rs. 55.00 respectively.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 63.95 on 22-Dec-2015 and a 52 week low of Rs. 36.00 on 08-May-2015.

Last one week high and low of the scrip stood at Rs. 57.80 and Rs. 53.50 respectively. The current market cap of the company is Rs. 1,643.00 crore.

The promoters holding in the company stood at 35.00% while Institutions and Non-Institutions held 10.66% and 54.34% respectively.

Prime Focus Group has divested its 30% stake in Digital Domain-Reliance, LLC (DD-Reliance) to the existing holder of the remaining 70% stake in DD-Reliance, which is ultimately wholly-owned by Digital Domain Holdings (DDHL), that is headquartered in Hong Kong, and whose shares are listed on the Main Board of The Stock Exchange of Hong Kong. The parties have also signed a MOU regarding the proposed formation of a 50:50 JV with DDHL to carry on Virtual Reality and Advertising businesses in India.

The total consideration payable to the Prime Focus Group for the 30% stake sale and possible formation of JV is $55 million worth of shares in the Hong Kong listed DDHL based on an issue price of HK$ 0.596 per share. The above transactions are subject to, inter alia, due diligence and customary regulatory and other stakeholder approvals.

The consideration for the 30% stake sale (through an international wholly owned subsidiary of Prime Focus) is $30 million. As part of the possible JV transaction worth $25 million, Prime Focus Group will, infuse $5 million into the new JV.

The proceeds from the sale, as and when they are monetized, are expected to be partly used for expansion of its Advertising business, to catalyze the growth of Virtual Reality in India and also to pare down debt.

Prime Focus Share Price

301.90 -5.70 (-1.85%)

08-May-2026 16:59 View Price Chart

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