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PRIME FOCUS LTD. - Execution of Business Transfer Agreement and share Subscription cum Shareholder's Agreement
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20 Nov 2014
Prime Focus Ltd has informed BSE that the Company proposes to acquire assets from Reliance MediaWorks Limited and issue shares to Reliance MediaWorks Limited towards this purpose the Company has executed;&lt;br/&gt;&lt;br/&gt;1. Business Transfer Agreement (&quot;BTA&quot;), in accordance with the approval of the board of directors dated July 02, 2014 and the members dated August 01, 2014, for transfer of the film and media services Business from Reliance MediaWorks Limited comprising of the digital intermediate, digital cinema, shooting studio, visual effects and restoration facility amongst others, as a going concern on a slump sale basis for a net consideration of INR 350,00,00,000/- (Indian Rupees three hundred and fifty crores).&lt;br/&gt;&lt;br/&gt;2. Share Subscription cum Shareholders Agreement, in accordance with the approval of the board of directors dated July 02, 2014 and the members dated August 01, 2014, for issuance of (i) upto 23,076,923 equity shares to Monsoon Studio Private Limited on preferential basis for a consideration of Rs. 120,00,00,000/- (ii) upto 23,076,923 equity shares to Reliance Media Works Limited on preferential basis for a consideration of Rs. 120,00,00,000/- and (iii) upto 67,307,692 equity shares to Reliance Media Works Limited are to be issued for a consideration other than cash towards the transfer of its film and media services business under the BTA.
View all announcements for PRIME FOCUS LTD. Source: BSE India