Standard Chartered to invest $35 million in Prime Focus NCDs

Prime Focus Limited (PFL) proposes to issue INR-denominated Non-Convertible Debentures (NCDs) on a private placement basis of a face value of the INR equivalent of USD 35 million to an entity within the Standard Chartered Bank Group.

The zero-coupon, unsecured NCDs are six year instruments. The said debentures are proposed to be listed on the wholesale debt market segment of the Bombay Stock Exchange (BSE).

The proposed issuances are subject to various terms and conditions, including execution of definitive documents and all requisite approvals and consents.

Speaking about the announcement, Nishant Fadia, CFO, Prime Focus commented, "We are happy to announce an investment of USD 35 million by Standard Chartered.. We understand that there was general concern with regard to the redemption of the FCCBs, which we have now addressed for all practical purposes. I am pleased to announce our ability in this environment to keep up our commitments to the institutions and shareholders who have supported us and the closing of this financing strengthens the ability of the Prime Focus Group to continue down the path of growing our businesses and break new ground internationally and domestically."

The Prime Focus Ltd stock was trading at Rs.48.10, down by Rs.0.35 or 0.72%. The stock hit an intraday high of Rs.49 and low of Rs.42.

The total traded quantity was 3.34 lakhs compared to 2 week average of 2.08 lakhs.

Source : Equity Bulls

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