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Crest Animation Studios & RichCrest Secures $40 Million Financing

DE Shaw group has invested in a 14.99% stake in Mumbai-based Crest Animation Studios and another 26% in its U.S. subsidiary Rich Crest Holdings for an aggregate infusion of up to $40 million.

RichCrest Animation Inc., located in Burbank, California, has entered into an agreement with Lions Gate Inc. for the production of three full-length, 3D feature films.

The first movie, SYLVESTER AND THE MAGIC PEBBLE, is scheduled for release in 2008. The second movie project titled, ALPHA & OMEGA, is in the development and is planned for release in 2009.

The investment will fund the Crests ongoing expansion and upgrade 3D facilities, in addition to meeting long-term capital needs.

Seemha Ramanna, md, Crest Animation Studios, said, D. E. Shaw has deeply understood the potential of 3D animation in India and the significant global opportunities for Crest. The proposed investment is custom-tailored to enable Crest and its subsidiaries to build a powerful presence in the 3D animation business worldwide, across the formats of television, DVD and feature films.

New York city-based DE Shaw group is a specialized investment and technology development firm that comprises a number of entities with approximately $23 billion in aggregate capital. It's involved in computer-based quantitative investment management to the development and financing of technology-oriented business ventures