Standard Chartered to invest $35 mn in Prime Focus; stock up

MUMBAI: Standard Chartered Private Equity (Mauritius) will be investing $35 million by subscribing to equity shares of Prime Focus on preferential basis at Rs 53 per share.

In addition, Prime Focus will also issue warrants to promoter Namit Malhotra for an aggregate amount of Rs 1,040 million on preferential basis convertible into equity shares at Rs 53 per equity share.

The management of Prime Foucs in an interview with ET Now said that it is planning to repay FCCBs worth $79 million. The company will hold EGM on November 3 for approval of transactions.

At 10:33 am, the stock was at Rs 53.75, up 1.13 per cent, on the NSE. It touched a high of Rs 57 and a low of Rs 51.15 in trade today.