PF World Ltd enters into share sale and purchase agreement with NaMa Capital Ltd

Prime Focus Limited has announced that PF World Limited, Mauritius, a material subsidiary of the Company ("PF World") has entered into a share sale and purchase agreement on September 20, 2023 with NaMa Capital Limited, Guernsey ("NaMa") for transfer of 23.25% shares (on a fully diluted basis taking into account the future implementation of an option scheme) held by PF World in DNEG S.a.r.l., Luxemburg (formerly known as Prime Focus Luxembourg S.a.r.l.), a material subsidiary of the Company ("DNEG") and identified assets to NaMa against full settlement of outstanding loans from NaMa to PF World.

Separately, the Company has also been informed that A2R Holdings, Luxembourg (which is part of promoter and promoter group of the Company) ("A2R Holdings") has entered into a share sale and purchase agreement on September 20, 2023 with NaMa, pursuant to which A2R Holdings proposes to transfer 6.75% shares (on a fully diluted basis taking into account the future implementation of an option scheme) held by it in DNEG to NaMa and also issue certain securities of A2R Holdings to NaMa, against full settlement of outstanding loans extended by NaMa to A2R Holdings.

The Company is not a party to the aforesaid agreements. Upon full settlement of the outstanding loans extended by NaMa to PF World and A2R Holdings, the encumbrance created over the shares of the Company held by its 'promoter and promoter group', with respect to such loans, shall stand released.

Shares of Prime Focus Limited was last trading in BSE at Rs. 93.79 as compared to the previous close of Rs. 81.73. The total number of shares traded during the day was 204067 in over 3455 trades.

The stock hit an intraday high of Rs. 96.05 and intraday low of 84.35. The net turnover during the day was Rs. 18717957.00.

Source : Equity Bulls

Keywords

PrimeFocus INE367G01038 PFWorld ShareSale Purchase Agreement NaMaCapital