wordpress blog stats
Connect with us

Hi, what are you looking for?

Reliance MediaWorks sells 10% stake in Prime Focus to Standard Chartered PE

Reliance MediaWorks, Reliance Group’s media and entertainment arm, has sold about 10% stake in Prime Focus for Rs 151 crore to Standard Chartered Private Equity (SCPE), reports Livemint. SCPE, which owned 12.23% before the transaction now owns 21.97%, while Reliance MediaWorks now owns 44.86%. Sale of Big Cinemas In December last year, the Anil Ambani owned company sold its chain of multiplexes Big Cinemas with over 250 screens to Carnival Cinemas. While the exact value of the deal was not disclosed, the company said that this deal would reduce Reliance Capital’s debt by about Rs 700 crore. Reliance MediaWorks would also have the option of acquiring a pre-IPO minority stake in Carnival Cinemas at a discounted price, upon eventual listing of the company. This deal did not include Reliance MediaWorks owned IMAX Wadala and other properties. Merging with Prime Focus In July last year, Reliance MediaWorks merged with Prime Focus. As part of the transaction, the India and overseas operations of Reliance Mediaworks’ film and media services business were combined with Prime Focus Ltd through a slump sale. For this, it was paid through a preferential allotment of 67.31 million Prime Focus shares at Rs 52 per share for a total consideration of Rs 350 crore. Reliance Mediaworks and Prime Focus promoters Naresh and Namit Malhotra also invested Rs 120 crore each into Prime Focus through a preferred allotment at Rs 52 per share. Post this transaction, Reliance Mediaworks promoters owned 30.2% stake in the company on a fully diluted…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ