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Friday, May 26, 2006

Prime Focus IPO; QIB portion fully subscribed

The Qualified Institutional Buyers, QIB, portion of Prime Focus, initial public offer, IPO, is fully subscribed on the very first day of the opening of the issue today. The number of bids received totalled 12,62,772 in all categories.

The company’s 100% book building public issue of Rs 115 crore opened today with a price band of Rs 450-500 per equity share of Rs 10 each. The issue closes on May 31, 2006. Centrum Capital and ICICI Securities are the BRLMs for the issue.

Adlabs Films is a strategic investor in Prime Focus and has 4.66% of the existing equity capital. Other investors include Reliance Capital, who holds about 14.53% stake in Prime Focus, apart from Rakesh Jhunjhunwala and Rekha Jhunjhunwala, who holds 8.5% stake.

Prime Focus is India’s integrated end-to-end post production and visual effects service house. It has recently acquired a 55% stake in UK based VTR group, a media service company and a leading post-production group. The UK acquisition is part of company’s proposal of setting up studios in US, Dubai and Hyderabad.

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