News Headline
PFT raises Rs 45 crore through optionally convertible debentures
MUMBAI: Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus is really upping the ante, as it raised Rs 45 crore through a private placement of optionally convertible debentures (OCDs) from a diverse base of High Net-worth Individuals.
The investors will have an option to convert up to 25 per cent of the total principal amount or around Rs 11 crore into equity of PFT after two years. The firm said this puts a base equity valuation of PFT at Rs 1,100 crore. This means the unnamed investors may get around one per cent stake for part conversion of the OCDs.
The company will use the fund raised to fuel its expansion plans of cloud technology product, namely CLEAR in the global markets and also to peel debt.
“Through this attractively structured instrument, we have secured growth capital while broad-basing our investor base and at the same time creating a compelling opportunity for shareholder value creation at PFT as well as the ultimate shareholders at PFL level,” said PFT founder and CEO Ramki Sankaranarayanan in a statement.
CLEAR Media ERP claims to be a pioneering solution and market leader with the world’s biggest broadcasters and distribution networks using it for managing their revenue and time critical content operations. PFT’s innovative hybrid cloud technology platform virtualises the content supply chain and helps media and entertainment organisations manage the business of content. CLEAR already hosts and manages over 350,000 hours of content and delivers more than 200 TV shows a day.
PFT has grown at over 150 per cent on a year-on-year basis since inception six years ago and aims to replicate its initial success with broadcasters in the North American studio production segment, the statement said.
Recently, PFT acquired US-based DAX LLC, a provider of cloud-based production workflow and media asset management applications, for Rs 56 crore in a performance-linked transaction.
DAX is the creator of the Primetime Emmy Award winning Digital Dailies, which is the de facto industry standard in TV production.
CLEAR, PFT’s award-winning Hybrid Cloud technology enabled Media ERP platform and digital content services help broadcasters, studios, advertisers, sports bodies, news agencies, the government and service providers drive creative enablement, enhance ecosystem efficiencies and sustainability, reduce cost and realize new monetisation opportunities.
PFT works with major content owners like Bloomberg, Disney, Warner Bros., News Corporation owned Star TV, Zee TV, Eros International, Sony Music, Viacom 18, MSM, BCCI (Board of Control for Cricket in India), IPL (Indian Premiere League), Hindustan Unilever Limited, The Associated Press, A & E TV Network and Schawk!
Prime Focus’ worldwide network of studios and WorldSourcing model supported by a Global Digital Pipeline allows PFT to offer customers transformational solutions that help them virtualise business processes around content and manage the business of content better.
PFT had announced a net profit of Rs 2.69 crore from revenues of Rs 52.44 crore for the quarter ended 31 December, 2013. This is a big jump from the Rs 51.07 crore loss posted in the same time the previous year from revenues of Rs 43.94 crore.
The technology business and the visual effects business contribute to about 84 per cent of the company’s revenue. The technology division alone grew 112 per cent year-on-year in Q3-FY14 driven by an increasing adoption of CLEAR as well as addition of new services around it, the company said during its earnings call.
Following the announcement yesterday, Prime Focus’ shares hit a high of Rs 31.15 and a low of Rs 29.70 so far during the day. The stock had hit a 52-week high of Rs 43.05 on 9 April 2013. The stock had hit a 52-week low of Rs 23.75 on 5 December 2013.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
