Prime Focus surges as its arm raises Rs 45 crore through private placement of OCDs

Prime Focus is currently trading at Rs. 30.30, up by 0.85 points or 2.89% from its previous closing of Rs. 29.45 on the BSE. The scrip opened at Rs. 30.00 and has touched a high and low of Rs. 30.40 and Rs. 29.90 respectively. So far 70156 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 41.80 on 21-Jun-2013 and a 52 week low of Rs. 23.75 on 05-Dec-2013. Last one week high and low of the scrip stood at Rs. 29.85 and Rs. 27.50 respectively. The current market cap of the company is Rs. 546.05 crore. The promoters holding in the company stood at 41.58 % while Institutions and Non-Institutions held 5.48 % and 52.94 % respectively. 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.