Prime Focus' shareholders challenge price of open offer made by promoters

New Delhi: Shareholders of Prime Focus including Reliance Media Works Financial Services Private Limited, which holds significant equity stake in Prime Focus have challenged the low valuation of Rs. 44.15 per share offered to the retail and public shareholders of Prime Focus under the open offer made by Namit Malhotra Family, the Promoters of Prime Focus.

The shareholders have filed appeal before Securities Appellate Tribunal (SAT) contesting unrealistically low open offer price and seeking appointment of an independent valuer by SEBI.

Open offer to the shareholders got triggered as Credit Suisse entered into an agreement with Namit Malhotra Family to sell the shares acquired upon invocation of pledge.