Eros readies IPO later this month
Company to move from AIM to main London bourseNEW DELHI -- Eros International Media announced that its proposed 3.5 billion rupee ($75 million) initial public offering will open September 17.
Diversified production banner and distributor EIML is a subsidiary of London-based Eros International Plc, which is listed on London's Alternative Investment Market. After the completion of the Indian IPO, Eros International will delist from AIM and move to the main London Stock Exchange.
“The price band and the minimum bid lot will be decided by EIML in consultation with the book running lead managers and a further announcement will be made in due course,” the company said.
EIML is considering a pre-IPO placement of up to 200 million rupees with certain investors and after the IPO completion and allotment, EIML will list its shares on the National Stock Exchange and the Bombay Stock Exchange.
The company intends to use 2.8 billion rupees from the proceeds of the issue to acquire and co-produce Indian film rights, primarily Hindi films, along with Tamil and other regional language films. The surplus amount will be used towards general corporate purposes including meeting future growth requirements.
Eros' slate includes 12 movies scheduled through 2012, starting with the upcoming romantic drama “Anjaana Anjaanee,” starring Ranbir Kapoor and Priyanka Chopra, and in-production titles like “No Problem” starring Anil Kapoor (“24”, “Slumdog Millionaire); “Golmaal Returns 3” starring Ajay Devgn and Kareena Kapoor; “Mausam” starring Sonam Kapoor and Shahid Kapur; “Agent Vinod” starring Saif Ali Khan and Kareena Kapoor; and superhero caper “Ra.One” starring Bollywood superstar Shah Rukh Khan.