Prime Focus shares up 10 percent as Ramesh Damani, Madhu Kela's AMC, Utpal Sheth, others acquire 3.3 percent stake

Shares of media and entertainment company Prime Focus are sharply higher by 10 percent on September 8 after marquee investors including Ramesh Damani, Madhu Kela-owned Singularity AMC, Utpal Sheth, and others acquired a stake 3.3 percent stake in the company Rs 146.2 crore.

Singularity Large Value Fund I, II, and III - owned by Madhusudan Kela and son Yash Kela - have acquired 62.5 lakh shares (two percent stake) at Rs 142.55 per share. At the same price, Ramesh Damani too has picked up 8 lakh shares, while Utpal Sheth has bought 17.5 lakh shares. In addition, FE Securities and Samyak Enterprises each have purchased 14.55 lakh shares.

Two major funds exited in the block deal, with Singapore-based Marina IV fund selling 48.06 lakh shares or 1.55 percent stakewhile Augusta Investments I fund sold 54.48 lakh shares which is 1.75 percent stake. Buyers Ramesh Damani, Utpal Sheth and Madhusudan Kela's AMC did not have exposure to Prime Focus, according to the June shareholding data shared by the company.

On September 8, the shares have clocked a combined volume of over one crore shares which is 4x the one-month average. Prime Focus shares had rallied on Friday as well, hitting the 10 percent upper circuit. In the last one week, the shares of Prime Focus are higher by 23 percent, and up 50 percent over last three months.