Prime Focus Share Price Surges To Record High After Madhusudan Kela, Ramesh Damani Acquire Stake

Prime Focus share price rallied over 10% in trade so far after ace investors like Madhusudan Kela and Ramesh Damani bought a stake in the company. Their acquisitions were part of a block deal in which three Singapore-based entities divested a combined 3.8% stake through open market transactions.

The integrated media and services company saw a stake sale of Rs 188 crore, with a total of 1.20 crore equity shares representing a collective 3.87% stake, as per BSE block deal data. The transaction was executed at an average price of Rs 156.55 per share.

The divesting entities included Augusta Investments, which offloaded a 2% stake, along with Marina IV Singapore and Marina Horizon Singapore. Besides the ace investors who bought in, Singularity Large Value Fund also acquired a 2.02% stake in the company.

Prime Focus stock rose as much as 10% during the day to Rs 191.6 apiece on the NSE. It was trading 10% higher at Rs 191.6 apiece, compared to an 0.27% advance in the benchmark Nifty 50 as of 10:10 a.m.

It has risen 33.74% in the last 12 months and 39.54% on a year-to-date basis. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 61.9. There are no Bloomberg analysts who cover this counter.

In the last six month, the scrip had surged over 85%. The prices have risen to the six month high of Rs 191.62 today on the back of the stake sale.