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Prime Focus shares soar on ADR buzz

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New Delhi:

Shares in Prime Focus, India's largest visual effects and post-production company, traded with strong gains on the bourses in a weak market Tuesday.

At 2.12 pm, shares of the company traded 6.5% higher at Rs 50.75 on the Bombay Stock Exchange, while the Sensex traded flat.

According to Street buzz, the company is likely to raise funds via American Depositary Receipt (ADR). ADRs enable US citizens to trade in shares of foreign companies. ADR holders are entitled to dividends and capital gains, but they have no voting rights.
Sources say the company is planning to list the US business which caters to Hollywood.

The company is likely to raise $150 million or over Rs 750 crore via ADR issue. The current market cap of Prime Focus is $140 million or over Rs 700 crore.
 
The company has a robust pipe line of next 24-36 months. It is also building new facilities in New York, London and Mohali.

Story first published on: April 10, 2012 14:29 (IST)

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