Prime Focus Technologies (PFT), a subsidiary of Prime Focus Limited, has raised Rs 45 crore through a private placement of optionally convertible debentures (OCDs) from High Net-worth Individuals. The proceeds would be used to fuel expansion of its cloud technology Clear in the global markets as well as for retiring debt. 

The investors will have an option of converting up to 25 per cent of the total principal amount into equity of PFT after two years. The current base equity valuation of PFT is about Rs1,100 crore, the company said in a statement. 

PFT’s innovative hybrid cloud technology platform virtualises the content supply chain and helps media and entertainment organisations to manage the business of content. Clear hosts and manages over 3,50,000 hours of content and delivers more than 200 TV shows a day.

PFT, which has grown at over 150 per cent annually since inception six years ago, aims to replicate its initial success with broadcasters, in the North American studio production segment. 

In line with this strategy, PFT recently acquired US-based DAX, a leading provider of cloud-based production workflow and media asset management applications to the entertainment industry in North America. 

Ramki Sankaranarayanan, Founder and CEO, PFT, said, “Through this attractively structured instrument, we have secured growth capital while broad-basing our investor base and at the same time creating a compelling opportunity for shareholder value creation at PFT as well as the ultimate shareholders at PFL level.”

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