MUMBAI: Prime Focus Limited (Prime Focus) has informed the bourses that its board of directors at its meeting held on April 27, 2016, inter-alia, considered and approved the following:
Divestment of 30 per cent stake in Digital Domain-Reliance, LLC (DD-Reliance), to the existing holder of the remaining 70 per cent stake in DD-Reliance, which is ultimately wholly-owned by Digital Domain Holdings Limited (DDHL), whose shares are listed on the main board of The Stock Exchange of Hong Kong Limited .
Entering into a proposed 50:50 JV with DDHL to carry on Virtual Reality and Advertising businesses in India on terms as may be agreed between the parties
At a total consideration of US$ 55million worth of shares in the Hong Kong listed DDHL based on an issue price of HK$0.596 per share of which US$30 million is for stake sale.