Private equity arm of Standard Chartered Plc will invest $35 million in Indian visual entertainment services group Prime Focus Ltd at a maximum price of 53 rupees per share, the Indian firm said.
In addition, the company will issue warrants to the promoter Namit Malhotra, representing a right to subscribe to equity shares, for an aggregate amount of 1.04 billion rupees ($19.57 million) on preferential basis. These warrants are convertible into equity shares at a maximum price of 53 rupees per share, Prime Focus said.
The funds will be used to support future growth plans of the company, Prime Focus said.
Earlier this week, Standard Chartered Private Equity invested $32 million in India’s Varun Beverages.
Source: Reuters