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Reliance Mediaworks merges with Prime Focus

Reliance Group's entertainment services company Reliance Mediaworks is merging its global films and media services business with the BSE-listed media & entertainment service provider Prime Focus Ltd. As part of the transaction, the India and overseas operations of Reliance Mediaworks' film and media services business will be combined with Prime Focus Ltd through a slump sale. For this, it will be paid through a preferential allotment of 67.31 million Prime Focus shares (67,307,692 shares) at Rs 52 per share for a total consideration of Rs 350 crore. Reliance Mediaworks and Prime Focus promoters Naresh and Namit Malhotra will also invest Rs 120 crore each into Prime Focus through a preferred allotment at Rs 52 per share. Post this transaction, Reliance Mediaworks promoters will own 30.2% stake in the company on a fully diluted basis, while Prime Focus promoters will own 33.5% stake on a fully diluted basis. Namit Malhotra will head the combined entity as its Executive Chairman and Group CEO. It's worth noting that Reliance Mediaworks was delisted earlier this year, after receiving the board approval in January this year which was later cleared by its shareholders. Open Offer Prime Focus promoters and Reliance Mediaworks have also launched (pdf) a open offer to acquire up to 26% stake in Prime Focus at Rs 52 per share, in compliance with SEBI rules and regulations. Through this offer, they are looking to acquire 77.71 million shares (77,708,534 shares) at Rs 52 each for a total consideration of Rs 404.1 crore. The acquisition is being made by Reliance Mediaworks along with Reliance…

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