Standard Chartered commits $35m to India’s Prime Focus

Operating through a Mauritius-based vehicle, SCPE will subscribe to 36.5 million preferential shares priced at a maximum of INR53 apiece, according to a regulatory filing. The proceeds have been earmarked to repay Prime Focus' foreign currency convertible bonds (FCCBs), which are due later this year.

In addition, the company will issue warrants worth $19.71 million on a preferential basis to its founder, Namit Malhotra. The warrants entitle Malhotra to acquire up to 20.1 million shares, also at INR53 apiece.

Prime Focus employs 4,200 people in 19 facilities across three continents. Its business falls into three categories: visual effects and animation services provider Prime Focus World, creative services and post production house Prime Focus Group, and technology platform Prime Focus Technologies. Net profit came to INR992.5 million ($18.8 million) in 2011-2012, up 30.4%, while revenues grew 53.5% to INR7.7 billion.

The company has worked on movies such as Total Recall, Avatar and Transformers: Dark of the Moon, while its media clients include Star TV, Sony Music, Associated Press, Netflix and Viacom.

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• Topics
• Media
• Expansion
• South Asia
• India
• TMT
• Growth capital
• Standard Chartered Private Equity