MUMBAI: Mumbai-based Crest Communication Ltd, which in August had announced that it was looking looking at an issue of Global Depository Receipts (GDRs) to the tune of $10 million, is moving ahead on that score.
Crest has appointed RP&C International Inc and RP&C International (Securities) Inc, New York, as lead managers and Norton Rose, New York, as legal adviser in UK for the issue.
Crest is primarily into animation software. It specialises in multi format digital production and post-production editing. Its mainline business includes commercial television serials and packaging, ad films, 3D/2D animation and special effects.
The company reportedly plans to ramp-up the number of computer graphic workstations from 120 to about 300 by the year-end, which is expected to cost the company about Rs 500-600 million.
Earlier this year, Crest had bagged three 3D animation television series worth over $6 million from the US-based Mike Productions. Its competitors in India include Pentamedia, UTV Toons, Colour Chips and the Padmalaya-Zee Telefilms combine.