, India

StanChart PE to invest $35M in India's Prime Focus

Standard Chartered's private equity arm will invest $35 million in Indian visual entertainment services group Prime Focus LtdBSE -0.37 % at a maximum price of Rs 53 per share.

The funds will be used to support future growth plans of the company, Prime Focus said.

In addition, the company will issue warrants to the promoter Namit Malhotra, representing a right to subscribe to equity shares, for an aggregate amount of Rs 1.04 billion or $19.57 million on preferential basis.

These warrants are convertible into equity shares at a maximum price of Rs 53 per share, Prime Focus said.

Earlier this week, Standard Chartered Private Equity invested $32 million in India's Varun Beverages.

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