Prime Focus Tech raises Rs 45 crore to fund expansion

MUMBAI: Prime Focus Technologies or PFT, the technology subsidiary of BSE listed Prime Focus Ltd, on Wednesday raised Rs 45 crore by issuing optionally convertible debentures to high net worth individuals to fund its expansion in cloud technology and trim debt.

The investors will have the option to convert up to 25 per centof the total principal amount into equity of PFT by 2016. The fund raise pegs the equity value of PFT at Rs 1,100 crore.

PFT’s innovative hybrid cloud technology platform virtualizes the content supply chain and helps media and entertainment organizations to manage the business of content. It already hosts and manages over 350,000 hours of content and delivers more than 200 television shows a day.

PFT recently acquired US-based DAX, a leading provider of cloud-based production workflow and media asset management applications to the entertainment industry in North America.

‘’Through this attractively structured instrument, we have secured growth capital while broad-basing our investor base and at the same time creating a compelling opportunity for shareholder value creation at PFT as well as the ultimate shareholders at PFL level,” says PFT chief executive and founder Ramki Sankaranarayanan.