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Reliance MediaWorks sells 10% stake in Prime Focus

The Reliance Group firm sold 29.1 million shares in Prime Focus for Rs151.3 crore through open market transactions

Reliance MediaWorks Ltd, the media and entertainment arm of the Reliance Group, has sold nearly 10% stake in Prime Focus Ltd. Reliance MediaWorks sold 29.1 million shares (9.74%) in Prime Focus for 151.3 crore through open market transactions, according to data available on the BSE.

The shares have been bought by Standard Chartered Private Equity (Mauritius) Ltd, an existing investor, which currently owns 12.23% in the company. After the transaction, the private equity firm’s stake in company goes up to 21.97%, while Reliance MediaWorks’ existing stake of 44.86% will come down.

In July last year, the India and overseas operations of Reliance MediaWorks’ film and media services business were merged with Prime Focus. At the time of the deal, the promoters of Prime Focus and Reliance MediaWorks said they both would invest 120 crore each in the company through a preferential allotment of shares of the merged business at a share price of 52 apiece.

Thursday’s sale was concluded at the same price.

On April 8, Prime Focus had announced that it has completed the transaction to combine with Reliance MediaWorks global film and media services business.

Shares of Prime Focus closed at 53.35 apiece on BSE on Thursday, up 4.92%. The benchmark Sensex closed at 25,863, up 0.16%.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay High court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

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