Prime Focus Limited takes 50.86% stake in Ánima Kitchent

Prime Focus Limited’s indirect subsidiary, Double Negative Films Limited (DNFL), raised its holding in Ánima Kitchent Canarias, S.L. to 50.86% on November 4, 2026 by paying Rs 33.0474935 crore in cash for 31,18,865 shares, adding 2.41 percentage points and giving the PFL group an indirect majority interest.

How did PFL obtain majority ownership of Anima?

PFL obtained an indirect majority interest in Anima after DNFL acquired a further 31,18,865 equity shares on November 4, 2026. The purchase increased DNFL’s holding by 2.41 percentage points to 50.86%, according to PFL’s November 5, 2026 disclosure under Regulation 30 of the Securities and Exchange Board of India listing regulations.

The reported 50.86% holding means DNFL moved above the 50% level through this additional purchase. The pre-acquisition holding can be inferred at 48.45% by deducting the 2.41 percentage-point increase, although PFL did not separately state that earlier percentage in this filing.

PFL said the further acquisition was complete as of November 4, 2026, rather than being subject to a future closing date. It received DNFL’s intimation on November 4 and made the stock-exchange disclosure on November 5, while referring to an earlier disclosure dated June 27, 2026.

The filing identifies DNFL as PFL’s indirect subsidiary but does not set out Anima’s board composition, voting arrangements or management rights after the holding reached 50.86%. It therefore establishes the shareholding outcome of the November 4 transaction, but not the detailed governance framework for Anima.

What did DNFL pay for the additional Anima stake?

DNFL paid Rs 33.0474935 crore in cash for the additional 2.41% stake in Anima. PFL stated that the consideration was cash only, with no share swap or another form of consideration disclosed for the 31,18,865 shares.

The investment was made under the mutually agreed terms of an Investment Agreement dated June 26, 2026 involving DNFL, Sociedad Española para la Transformación Tecnológica (SETT), Anima and other parties. PFL said applicable approvals from relevant authorities had been obtained before the acquisition was completed on November 4, 2026.

The filing does not disclose an equity valuation for Anima or a per-share price for the Rs 33.0474935 crore payment. It also does not identify whether the acquired shares were newly issued or transferred by existing holders, so the stated amount is the cost of this further 2.41% acquisition only.

PFL described SETT as a Spanish government fund that has committed an overall Euro 24.9 million investment in Anima under a public-private partnership. The announcement does not provide an Indian-rupee conversion for SETT’s commitment or disclose the timing, conditions or proportion of that Euro 24.9 million commitment that has been funded.

What business and financial history does Anima report?

Anima is a Spanish animation studio founded in 2014 that produces, creates and distributes 2D and 3D animated content. PFL classified its business under motion picture and video production activities and named Cuquín, Lea & Pop, Titto Lizzardo, Tippi T-Rex and PINY Institute of New York among its entertainment brands.

Anima reported turnover of Rs 92 crore in 2025, compared with Rs 65 crore in 2024 and Rs 59 crore in 2023. Turnover therefore increased by Rs 27 crore between 2024 and 2025, after increasing by Rs 6 crore between 2023 and 2024.

The 2025 turnover was Rs 33 crore higher than the Rs 59 crore reported for 2023. PFL also reported profit after tax (PAT) of Rs 11 crore and net worth of Rs 68 crore for Anima, but did not specify the period to which those two figures relate.

The filing supplies turnover for 2023, 2024 and 2025, but not a three-year PAT series, cash-flow figures or segmental revenue. It also does not disclose the contribution of Anima’s 2D and 3D operations, individual brands or distribution activities to the Rs 92 crore turnover in 2025.

Why did PFL increase its Anima holding?

PFL said the purpose of the acquisition is to gain access to Spanish animation production capabilities and markets. That objective relates to Anima’s 2D and 3D content operations and follows DNFL’s increase to a 50.86% holding through the November 4, 2026 purchase.

The filing does not quantify revenue expected from access to Spanish markets, savings from production capabilities or content-output targets. It also does not give a timetable for integration, commercial collaboration or the realisation of benefits from the additional Rs 33.0474935 crore cash investment.

SETT’s Euro 24.9 million overall commitment forms part of the disclosed public-private partnership around Anima. PFL said the transaction involving DNFL was not a related-party transaction and did not identify any interest of its promoters, promoter group or group companies in Anima.

PFL’s disclosure does not state whether Anima will retain its existing management after the 50.86% holding, whether its brands will be distributed through DNFL, or whether further share purchases are planned. Those matters remain undisclosed despite the completion of the 2.41% acquisition on November 4, 2026.

Conclusion

The November 4 acquisition moved DNFL’s reported Anima holding from an inferred 48.45% to 50.86% through a Rs 33.0474935 crore cash payment. PFL has thereby gained an indirect majority interest in a Spanish animation studio with Rs 92 crore turnover in 2025, Rs 11 crore PAT and Rs 68 crore net worth as reported in the filing.

The next development to watch is execution of PFL’s stated aim of accessing Spanish animation production capabilities and markets. PFL has disclosed neither revenue targets nor integration milestones under the June 26, 2026 Investment Agreement, while SETT’s overall Euro 24.9 million commitment remains a disclosed part of Anima’s public-private partnership structure.