Prime Focus (PFL), a visual entertainment services company, announced that the company proposes to acquire assets from Reliance MediaWorks and issue shares to Reliance MediaWorks towards this purpose. The company has executed business transfer agreement ('BTA'), in accordance with the approval of the board of directors dated July 02, 2014 for transfer of the film and media services Business from Reliance MediaWorks comprising of the digital intermediate, digital cinema, shooting studio, visual effects and restoration facility amongst others, as a going concern on a slump sale basis for a net consideration of Rs 3.5 billion.

Te board has approved Share Subscription cum shareholders' agreement, for issuance of upto 23,076,923 equity shares to Monsoon Studio on preferential basis for a consideration of Rs 120,00,00,000, upto 23,076,923 equity shares to Reliance Media Works on preferential basis for a consideration of Rs 120,00,00,000 and upto 67,307,692 equity shares to Reliance Media Works are to be issued for a consideration other than cash towards the transfer of its film and media services business under the BTA.

Shares of the company gained Rs 0.35, or 0.72%, to trade at Rs 49.05. The total volume of shares traded was 67,175 at the BSE (10.35 a.m., Thursday).