Reliance MediaWorks sells 9.75 percent stake in Prime Focus

Mumbai, Oct 6 (IANS) Media services provider Prime Focus on Tuesday said that its stakeholder Reliance MediaWorks has sold 2.91 crore shares or 9.75 percent stake in the company through an open market transaction.

In a regulatory filing to the Bombay Stock Exchange (BSE), the company said that the open market transaction took place on September 24 and that after the share sale Reliance MediaWorks’ stake in Prime Focus has come down to 35.11 percent.

The deal has been estimated at be worth over Rs.155 crore based on the closing price of Prime Focus’ scrip on September 24. The scrip had closed at Rs.53.35 per equity share on September 24.

Earlier in April, Prime Focus had merged Reliance MediaWorks’ film and media divisions with its businesses, after fulfilling regulatory norms and obtaining fair practice clearances.

In January 2015, the company had gone in for an open offer to comply with Sebi (Securities and Exchange Board of India) guidelines. That time it offered Rs.52 per equity share.

On Tuesday, the company’s scrip at the BSE fell by 2.62 percent at Rs.50.10 per equity share from its previous close of Rs.51.45.

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