Bollywood Distributor Eros to Raise $96.5 Million Via Stock Sale
The film major previously became the first Indian media and entertainment company to list on the New York Stock Exchange.
Bollywood distributor Eros International, which became the first Indian media company to list on the New York Stock Exchange, is planning a stock offering to raise more than $96 million.
The pricing of an underwritten public offering of 7 million A"ordinary shares was set at $14.50 per share, for a total offering of $101.5 million, including new capital for the company of $96.5 million. The offering consists of 6.675 million shares offered by Eros and 325,000 shares offered by selling shareholders.
Recently, the company transferred its listing from London’s second-tier Alternative Investment Market to the main board of the NYSE. The stock issue was characterized as a "follow-on equity offering."
In addition, if the issue is heavily subscribed, Eros and an existing shareholder have granted the underwriters a 30-day option to purchase up to an additional 1.05 million A ordinary shares. These will be equally split between Eros and the existing shareholder at the offering price less underwriting discounts and commissions.
The offering is expected to close on Tuesday.