Prime Focus shares hit 10% upper circuit as Ramesh Damani, Singularity AMC buy 3% stake in block deals

Shares of Prime Focus Ltd were locked in the 10 per cent upper circuit at Rs 173.90 on the BSE during Monday’s intra-day trade, following heavy buying interest sparked by a major stake acquisition by marquee investors. This marks the second straight session the stock has hit its upper limit.

The surge comes after a significant block deal on Friday, where notable investors including Ramesh Damani, Utpal Sheth, and Madhusudan Kela’s Singularity AMC acquired over 3 per cent stake in the company through open market purchases on the NSE.

As per exchange data, 12.06 million shares, or 3.9 per cent of the company’s equity, changed hands on the BSE by 11:12 AM — representing a tenfold jump in average trading volume.

According to block deal filings:

Singularity Large Value Fund I, II, III, managed by Madhusudan Kela and Yash Kela, picked up 6.25 million shares (2.01 per cent stake)

Utpal Sheth purchased 1.75 million shares

Ramesh Damani bought 8 lakh shares

The shares were acquired at Rs 142.55 per share, with the total deal size reported at Rs 998 crore. The recent buying spree pushed the stock’s total two-day gain to 21 per cent.

On the selling side, Augusta Investments I Pte Ltd and Marina IV entities offloaded a combined 10.26 million shares, accounting for more than 3.3 per cent of total equity.

Stock on a Tear

The smallcap media and entertainment (M&E) company has been a standout performer over the last six months, with the stock rallying 74 per cent, far outperforming the BSE Sensex’s 9 per cent gain in the same period.

Prime Focus had earlier touched a 52-week high of Rs 180.70 on July 15, 2025.

Capital Raise & Strategic Expansion

In July, Prime Focus' board approved a preferential allotment of up to 462.6 million shares worth Rs 5,552 crore. This includes:

A share swap deal worth Rs 5,161 crore for acquiring shares in DNEG S.a.r.l, Luxembourg, a key step-down subsidiary.

An equity raise of Rs 390.5 crore, with prominent non-promoter investors like Ranbir Kapoor, Singularity Equity Fund, Axana Estates LLP, and Novator Capital Limited participating.