In less than a month, Prime Focus Ltd, a visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market, has received a second round of investment. Prime Focus proposes to issue rupee denominated non- convertible debentures (NCDs) on a private placement basis valued at $35 million, to an entity within the Standard Chartered Bank Group.

On October 10, Standard Chartered Private Equity (Mauritius) III Ltd had agreed to subscribe to equity shares of the company on a preferential basis for $35 million at a maximum price of Rs 53 an equity share.

Namit Malhotra, promoter of the company, was to subscribe to the warrants. The investment was to be used to make the repayment of foreign currency convertible bond (FCCBs).

The current zero-coupon, unsecured NCDs are six year instruments. The said debentures are proposed to be listed on the wholesale debt market segment of the Bombay Stock Exchange, the company said.

Speaking about Thursday's announcement, Nishant Fadia, CFO, Prime Focus, said: “We understand that there was general concern with regard to the redemption of the FCCBs, which we have now addressed for all practical purposes. The closing of this financing strengthens the ability of the Prime Focus group to continue down the path of growing our businesses and break new ground internationally and domestically.''

End-October, Prime Focus Technologies (PFT), a Prime Focus Group company, also signed a multi-million dollar deal with one of Hollywood’s leading film studios to supply media processing services. PFT is to leverage Clear, its hybrid cloud content operations platform to handle the assets, approvals, workflows, delivery and archiving of the content.

Hollywood Studios need to process large volumes of content within the existing time-frame and cost limitations without compromising on creativity and this is where the company's product would be deployed.

As Ramki Sankaranarayanan, President and CEO, Prime Focus Technologies, said: “We are starting to see real growth for our business in the North American market’’.

amritanair.ghaswalla@thehindu.co.in