Prime Focus jumps on acquisition with DAX - The New Indian Express

Prime Focus jumps on acquisition with DAX

Published: 11th March 2014 11:19 AM

Last Updated: 11th March 2014 11:19 AM

Prime Focus Technologies (PFT) shares gained on Tuesday after it has signed a definitive agreement to acquire DAX, a leading provider of cloud-based production workflow and media asset management applications to the entertainment industry, for a base consideration of USD 9.1 million in a uniquely structured performance linked transaction.

PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment and with balance payable over 3 years such that cash flows from the North American operations will support the payment.

Shares of the company are trading at Rs 29.00, up Rs 1, or 3.57% at the Bombay Stock Exchange (BSE) on Tuesday at 10:11 a.m.The scrip has touched an intra-day high of Rs 29.45 and low of Rs 28.75. The total volume of shares traded at the BSE is 130,171.In the earlier session, the shares rose 0.36%, or Rs 0.1, at Rs 28.Currently, the stock is trading down 34.83% from its 52-week high of Rs 44.50 and above 22.11% over the 52-week low of Rs 23.75.

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