Prime Focus has received an approval to sell, transfer, and/or otherwise dispose of its ‘Backend Business’, which includes business of providing the services of conversion of 2D audio visual/moving images to stereo 3D audio visual/moving images provided by the company to Prime Focus World N.V., a company incorporated and operating under the laws of Netherlands (PFW) (Conversion Business). The board of director at its meeting held on August 05, 2013 has approved for the same.
The board also approved to sell, transfer the business of providing the services of computer generated film visual special effects by the company to PFW (VFX Business), to Prime Focus World Creative Services, a company incorporated in India and an indirect controlled subsidiary of the company on a going concern basis by way of slump sale for a total consideration not less than INR equivalent of $38 million subject to the approval of the shareholders of the Company through a postal ballot and on receipt of requisite/regulatory approvals.
Prime Focus is a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market. The group offers a genuine end-to-end solution from pre-production to final delivery including visual effects, 2D to 3D conversion, video and audio post production, equipment hire, multi-platform content operations solutions and digital distribution.
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PVR | 1381.80 |
Saregama India | 497.65 |
Eros Internatl.Media | 15.13 |
Shemaroo Entertain. | 160.10 |
Balaji Telefilms | 79.92 |
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