/Proposed sale of 33.12% equity shares of Prime Focus by Credit Suisse to PFL’s promoters is blatant abuse: RCAP Group
Proposed sale of 33.12% equity shares of Prime Focus by Credit Suisse to PFL’s promoters is blatant abuse: RCAP Group
By IANS| Published: 28th December 2020 3:35 pm IST
Mumbai, Dec 28 : The proposed sale of 33.12% equity shares of Prime Focus Ltd. (PFL) by Credit Suisse (CS) to the PFLs promoter group at Rs 44.15 per share is a blatant abuse of the purported rights by CS under certain lending agreements with RCAP Group.
A RCap statement said the proposed sale is being attempted privately and clandestinely between 2 foreign entities, without any open, fair and transparent process being conducted to realise the true value of the shares and disregarding basic norms of conflict of interest.
Promoters of Prime Focus launch mandatory open offer after CS deal
December 28, 2020
With Credit Suisse signing pact to sell pledged shares, Anil Ambani group raises red flag
RCAP group will seek judicial and regulatory intervention to protect the interests of lenders and shareholders of Prime Focus Ltd (PFL) and Reliance Capital Ltd with respect to the stake sale of Credit Suisse (CS) to PFL promoters.
Mandatory open offer
Following the agreement with Credit Suisse, the promoters have made mandatory open offer to the public shareholders of PFL. In a notice to the stock exchanges, Prime Focus said acquirers have made open offer for up to 8.24 crore shares, representing 26 per cent of the expanded voting share capital.
Credit Suisse s stake sale in Prime Focus blatant abuse of purported rights : Reliance Capital
The proposed sale price (Rs 44.15 per share) is at a substantial altogether unwarranted discount to the intrinsic value of Prime Focus Ltd s shares, says Reliance Capital
Chitranjan Kumar | December 28, 2020 | Updated 16:55 IST
Anil Ambani-controlled Reliance Capital raises concerns over Credit Suisse s 33.12% stake sale in Prime Focus
Anil Ambani-led Reliance Capital has alleged that the proposed sale of 33.12 per cent equity shares of Prime Focus by Credit Suisse (CS) at Rs 44.15 per share is a blatant abuse of the purported rights by the CS under certain lending agreements with Reliance Anil Dhirubhai Ambani Group.
Credit Suisse s acquisition of PFL shares is wrong indiagazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiagazette.com Daily Mail and Mail on Sunday newspapers.
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AAA Reliance Capital Ltd. (R-Cap), part of the debt-ridden Anil Ambani-promoted Reliance Group, has received 10 more bids, including from SBI Life, for its subsidiaries, sources said. Earlier this month, the Committee of Debenture Holders had extended the last date for submission of expression of interest (EoI) to December 17, 2020. Following this, 10 new bids had come in for Reliance Capital s assets, taking the total number of bids to 70, the sources said. State Bank of India s subsidiary SBI Life has also shown interest in picking up Reliance Capital s stake in Reliance Nippon Life Insurance, they added.
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