Crest Animation To Raise $12 Million Via FCCBs To Part Finance 3 Feature Films

Indiantelevision.com: Crest Animation Studios Ltd is planning to raise up to $12 million through the issue of foreign currency convertible bonds (FCCBs) for part financing three feature films. The company’s US subsidiary, RichCrest Animation, had earlier signed a three-picture co-production and co-financing agreement with Lions Gate Entertainment. Crest’s contribution for these three projects would be around $30 million.
Crest’s board, which met today, has approved the raising of funds through issue of FCCBs. The company is looking at a mix of debt and equity to fund the film projects. The first of the three CGI movies,’Sylvester and the Magic Pebble’, is based on the Caldecott medal-winning story by William Steig, the creator of the blockbuster Shrek. The pre-production work on the movie is near completion, and the production plan is as per schedule for 2008 release.
Said Crest Animation Studios CEO AK Madhavan, -

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