Media services firm Prime Focus today said its board has approved raising Rs 330 crore through issuance of share warrants on preferential basis.
"The Board of Prime Focus has approved to issue and allot, on a preferential basis, share warrants worth Rs 330 crore primarily to a promoter entity (Rs 300 crore) and balance to a non promoter investor (Rs 30 crore)," the company said in a BSE filing.
It said the funds raised would be used largely towards debt reduction.
"The allotment would be a total of 3,11,32,076 warrants at the price of Rs 106 per share, with a right exercisable by the warrant holder to subscribe for one ordinary share per warrant which option shall be exercisable on or after April 1, 2018, but not later than 18 months from the date of issue of warrants," the company added.
The promoter holding, on full conversion, will increase to 40 per cent from 35 per cent as on September 30, 2017.
Shares of Prime Focus were trading 1.39 per cent up at Rs 102 on BSE.
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