Reliance Capital raises objection to PFL stake sale by Credit score Suisse
Debt-ridden agency Reliance Capital on Monday raised objection to the proposed 33.12 per cent stake sale of Prime Focus (PFL) by Credit score Suisse to PFL’s promoter group at ~44.15 per share.
Anil Ambani’s Reliance Group firm Reliance Capital termed the proposed transaction as a blatant abuse of the purported rights by Credit score Suisse underneath sure lending agreements with the RCAP Group, the corporate stated in an announcement.
Nonetheless, Reliance Capital didn’t share the small print of the “blatant abuse of the purported rights”.
Reliance Mediaworks Monetary Companies Non-public Restricted, an RCAP Group firm, is without doubt one of the traders in PFL — promoted by Naresh Malhotra and Namit Malhotra.
Reliance Mediaworks holds 10.57 per cent stake within the PFL.
The corporate’s assertion additional alleged that the proposed sale is being tried privately and clandestinely between 2 international entities, with none open, truthful and clear course of being performed to grasp the true worth of the shares and disregarding fundamental norms of battle of curiosity.
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