Standard Chartered PE ups stake in India's Prime Focus
Standard Chartered Private Equity has paid INR1.5 billion ($22.9 million) for a 9.74% stake in India's Prime Focus, a publicly listed company that provides creative and technical services to the visual entertainment industry. The purchase raises its stake to 22%.
The GP bought the shares from Reliance MediaWorks, the entertainment arm of the Reliance Group, which previously held a stake of 44.9%. Last year, the companies announced that the overseas and India operations of Reliance MediaWorks' film and media services business would be merged with Prime Focus; the merger was completed earlier this year.
Prime Focus' promoters Naresh and Namit Malhotra hold about a 35% interest between them. The reduction of Reliance's stake brings the company in line with India's regulations requiring a minimum of 25% of a listed company to be publicly held. Prime Focus was in danger of violating the regulations because Reliance had recently become a co-promoter.
The company provides three primary categories of service: visual effects and animation, through Prime Focus World; creative services and post production through Prime Focus Group; and technology solutions through Prime Focus Technologies. It works for international film studios, with recent projects including Mission Impossible Rogue Nation and Terminator Genisys.
Standard Chartered first invested in Prime Focus in 2012, paying INR1.9 billion for a 12.2% stake. Other PE investors include Macquarie Capital, which committed $53 million to the company in 2013.
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