Prime Focus Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting to be held on July 26, 2025
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Prime Focus Limited has issued a corrigendum to its EOGM notice (originally dated July 3, 2025) to address observations from NSE and BSE on its proposed preferential issue. The company plans to issue up to 46.26 crore equity shares at ₹120 per share (face value ₹1, premium ₹119), totaling up to ₹5,552 crore. The issue has two parts: a cash tranche of up to 3.25 crore shares raising up to ₹390.52 crore, and a swap tranche of up to 43.01 crore shares issued to acquire an additional 31.05% stake in step-down subsidiary DNEG S.a.r.l (Luxembourg), consolidating Prime Focus's holding in DNEG from 56.20% to 87.25%. Cash proceeds will be used to invest in wholly-owned subsidiary PF World Limited (up to ₹172 crore), fund business expansion (up to ₹120.89 crore), and general corporate purposes (up to ₹97.63 crore). Notable allottees include promoter group entity A2R Holdings (26.20 crore shares via swap), Novator Capital Limited (1.43 crore shares cash + 9.70 crore swap), and actor Ranbir Kapoor (12.5 lakh shares for cash). The e-voting window has also been revised to July 23-25, 2025, with cut-off date July 19, 2025.
The preferential issue will increase total share count from ~31 crore to ~77.26 crore, a significant ~2.5x dilution for existing public shareholders, but it strengthens promoter A2R Holdings' stake to 53.46% and consolidates the key DNEG subsidiary, which may support long-term value creation. Investors should weigh the dilution impact against the strategic benefit of tighter control over DNEG, the company's main revenue-generating arm.