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…
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