Indian visual entertainment services company Prime Focus Ltd (BOM:532748) on Thursday said that Standard Chartered Private Equity (Mauritius) III Limited, a private equity unit of British banking and financial group Standard Chartered Plc (LON:STAN), will invest USD35m (EUR27.2m) in it.
Prime Focus will issue shares to Standard Chartered Private Equity at up to INR53.00 (USD1.00/EUR0.80) a piece, in exchange for its investment. The Indian company will also issue warrants to promoter Namit Malhotra for rights to subscribe shares worth INR1.04bn in total at a maximum price per unit of INR53.00, Prime Focus said.
The company will use the cash to fund future growth projects, it added.
Standard Chartered Private Equity’s move comes after having made earlier this week a USD32m investment in Indian Varun Beverages.
Prime Focus offers technical services for the film, broadcast, commercials, music, gaming and media sectors. Its services include visual effects, creative three dimensional (3D) conversion, video and audio post-production, digital content management and distribution, digital intermediate, versioning and adaptation and equipment rental. View-D, CLEAR and SPF WORLDVERSIONINGT are among its products.
The company was involved during fiscal year to 31 March 2011 in domestic and international projects, such as bollywood projects, advertising, international films, broadcast and advertising projects in the UK.qu