India

Prime Focus board approves stock split

The board of directors of Prime Focus at its meeting held on Aug. 27, 2010 has considered and approved the stock split of equity shares from face value of Rs 10 each to Rs 1 per equity share (that is 10 equity shares of Re 1 shall be issued in lieu of one equity share of Rs 10 each), subject to approval of members in the ensuing general meeting.
The board has considered and approved issue of 10,00,000 warrants, convertible into equity shares in one or more trenches, on preferential basis to promoters and/or promoter group, at a price which will be determined as per SEBI (ICDR) Regulations and other applicable laws and subject to approval of members in the ensuing general meeting.

Also, the board considered and approved raising of funds up to USD 50 million by way of issuance of securities u/s. 81(1A) of the companies act, 1956, subject to approval of members in the ensuing general meeting.
The board has also considered and approved granting of employees stock options, either directly or through a trust, under one or more employees stock option schemes (ESOS). The total number of options exercisable into not more than 10, 00,000equity shares of the company, subject to the approval of members in the ensuing general meeting. The board has empowered remuneration committee to formulate and implement the ESOS scheme.
Shares of Prime Focus gained Rs 12.65, or 2.25%, to trade at Rs 575.60. The total volume of shares traded was 31,796 at the BSE (10.08 a.m., Monday).

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