Reliance Media Works (RMWL) has acquired 16.10 per cent additional stake with Prime Focus promoters at the end of mandatory open offer. Both have jointly acquired 4.8 million shares in the merged VFX and media services giant for approximately Rs 2.50 billion.
Both had signed the deal in July 2014, in order to form the world’s largest VFX Company. According to which the Prime Focus promoters had acquired the RMWL’s film and media service business.
However, in this merged entity Prime Focus holds 33.5 per cent share, whereas RMWL holds 30.2 per cent stakes. The combined shares of both companies are 79.86 per cent stakes, worth Rs. 2.40 billon. RMWL has also completed the acquisition of 11.3 million shares as per the deal.