MUMBAI: Prime Focus, the visual entertainment services group, has increased stake in its direct subsidiary, Prime Focus London Plc.

Prime Focus has acquired 1.80 million shares through secondary market purchase, taking up its holdings in the UK subsidiary from 59.57 per cent to 65.05 per cent.

Meanwhile, Prime Focus London has also entered into an agreement to sell its View-D 2D to 3D conversion business to Prime Focus International Services Ltd, a wholly owned subsidiary of Prime Focus Ltd.

View-D was launched two years back to allow filmmakers to efficiently create stereoscopic 3D movies from source material shot on virtually any medium.
 
Under the terms of the agreement, Prime Focus Visual Entertainment Services Ltd will sell fixed assets of $1.8 million and the activities of the business including employment contracts for a total consideration of $3.3 million, comprising a cash consideration of $500,000 and the write-off of a debt of $2.8 million.

The cash received will be used by Prime Focus London to provide additional working capital for the group.