Mumbai entertainment industry entity Prime Focus on Tuesday said its subsidiary DNEG Group is set to raise up to $200 million in funding from Abu Dhabi-based United Al Saqer Group.
The fundraising values London-based DNEG, dedicated to visual entertainment technology and global services, at $2 billion, according to an official statement.
Financing will be completed in two years.
Following the announcement, the Prime Focus bond plunged 8.84 per cent to close at Rs 132.95 a piece on the BSE on Tuesday against a marginal correction of 0.04 per cent in the benchmark index.
DNEG had a turnover of Rs 3,524 crore in FY24, accounting for 82.81 per cent of Prime Focus group's consolidated turnover, according to a regulatory filing.
UASG's investment will accelerate DNEG Group's innovation and diversification strategy to evolve from a pure visual effects service provider to an AI-powered technology and industry-agnostic content production partner, according to the statement.
As part of UASG's "strategic investment", DNEG Group will create a visual experience center in Abu Dhabi, leading to significant job creation in the region, he added.
DNEG will fully activate the Brahma technology division, which will democratize the creation of photorealistic content in a wide range of applications.
Group Chairman and CEO Namit Malhotra will continue in his current role and will be joined on the group's board by Nabil Kobeissi and Edouard Zard of UASG and Prabhu Narasimhan of NaMa Capital, a leading investor in the DNEG group, the statement said.
Prime Focus' regulatory filing said two separate agreements have been signed for fundraising, totaling $200 million. Of this, $100 million will come in before July 7, another $10 million will be subject to deadlines, terms and conditions as per mutual agreement, and the remaining $90 million will be subject to terms and conditions over the next two years.
The fundraising values London-based DNEG, dedicated to visual entertainment technology and global services, at $2 billion, according to an official statement.
Financing will be completed in two years.
Following the announcement, the Prime Focus bond plunged 8.84 per cent to close at Rs 132.95 a piece on the BSE on Tuesday against a marginal correction of 0.04 per cent in the benchmark index.
DNEG had a turnover of Rs 3,524 crore in FY24, accounting for 82.81 per cent of Prime Focus group's consolidated turnover, according to a regulatory filing.
UASG's investment will accelerate DNEG Group's innovation and diversification strategy to evolve from a pure visual effects service provider to an AI-powered technology and industry-agnostic content production partner, according to the statement.
As part of UASG's "strategic investment", DNEG Group will create a visual experience center in Abu Dhabi, leading to significant job creation in the region, he added.
DNEG will fully activate the Brahma technology division, which will democratize the creation of photorealistic content in a wide range of applications.
Group Chairman and CEO Namit Malhotra will continue in his current role and will be joined on the group's board by Nabil Kobeissi and Edouard Zard of UASG and Prabhu Narasimhan of NaMa Capital, a leading investor in the DNEG group, the statement said.
Prime Focus' regulatory filing said two separate agreements have been signed for fundraising, totaling $200 million. Of this, $100 million will come in before July 7, another $10 million will be subject to deadlines, terms and conditions as per mutual agreement, and the remaining $90 million will be subject to terms and conditions over the next two years.
