Prime Focus, the media services company, has announced that it has combined Reliance MediaWorks’ film and media services business with itself. The transaction with RMW, which was first announced in July, 2014, received approval from the Competition Commission of India (CCI) in December last year.
The company has reportedly raised INR2.4 billion via equity shares issue. The shares worth INR1.2 billion have been issued each to Monsoon Studio Private and Reliance MediaWorks (RMW), according the Indian Television.
“While we received the approval from both the stock exchanges including BSE and NSE around a week ago, the preferential shares were allotted a couple of days ago,” a company spokesman told Press Trust of India.
Prime Focus recently announced that it is considering a disinvestment in its UK broadcast post-production business to Blue 2.0, which is a US based IT firm. Back in February, the company reported a net loss of INR361 million in the third quarter FY 2015.