Macquarie to buy stake in Prime Focus' arm; shares soar 3%

Prime Focus shares gained more than three percent Friday, as investment banking firm Macquarie will acquire stake in the global entertainment services company's subsidiary, reports CNBC-TV18 quoting sources.

It is learnt that the deal between both these companies is likely to be announced today.

Prime Focus is considering to raise USD 38 million from Macquarie UK Group. The company will provide corporate guarantee for up to USD 44.6 million for arm loan.

Prime Focus provides visual effects and stereo 3D conversion to major studios and filmmakers around the world.
 
At 11:54 hours IST, the stock was quoting at Rs 40.70, up 3.04 percent amid large volumes on the Bombay Stock Exchange.

Trading volumes increased 233 percent to 2,52,725 equity shares as compared to its five-day average of 75,805 shares.

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