Eros plans $250 mn public float on NYSE, to delist from AIM

MUMBAI: Eros International Plc is planning a $250 million public float in the New York Stock Exchange while delisting from the Alternative Investment Market of the London Stock Exchange.

The filmed entertainment company has filed with the United States Securities and Exchange Commission for an initial public offering of its A Ordinary Shares to raise up to $250 million.

Eros said it decided to move to the US capital market as it offers access to additional capital on more favourable terms and increases liquidity. "It will also offer more relevant peer group and broader analyst coverage," Eros said in its filing.

The number of shares to be offered and the price range for the offering have not yet been determined.

Eros has appointed Deutsche Bank Securities, BofA Merrill Lynch, Citigroup and UBS Securities LLC as joint book-runners for the offering.

The company plans to use the proceeds from the proposed IPO to fund new co-productions and acquisitions of Hindi and regional film catalogue content and film-related content. The IPO money will also be utilised to grow its digital distribution channel and strengthen other distribution channels.

Eros, which was listed on Bombay Stock Exchange and National Stock Exchange in 2010, also revealed that it will not pay any dividends in the foreseeable future and intends to retain future earnings. The company has not declared any dividend since incorporation in 2006 as all profits have been retained and utilised to grow its business.

For the fiscal 2011, the company‘s revenue grew to $164.6 million, from $149.7 million a year ago. Eros has posted revenue of $166.3 million for the nine months ended 31 December 2011, from $124.3 million in the same period of the earlier year.

EBITDA increased to $58.6 million for fiscal 2011 from $53.2 million for fiscal 2010. It stood at $59.6 million for the nine months ended 31 December 2011 compared to $45.4 million a year ago.

The aggregate outstanding debt of the company stood at $228.6 million as of 31 December 2011, with $16.2 million remaining available under existing financing arrangements, and cash and cash equivalents of $120 million.

The company revealed that it will release over 270 new films over the next three fiscal years and has aggregated a film library of over 1,900 films, plus approximately 700 additional films for which it only holds digital rights.

Eros also claimed that its international distribution network extends to over 50 countries, including US, UK, Germany, Poland, Russia, Indonesia, Malaysia, Taiwan, Japan, South Korea, China and Arabic speaking countries, where Indian films are released through dubbing in local languages.

The company intends to list its common stock on the New York Stock Exchange under the symbol "Eros".

Latest Reads
31st October: Genuine effort wasted

Rather late in the day, 31stOctober is a film about the Sikh genocide of 1984 in Delhi in the aftermath of assassination of the then prime minister of India Indira Gandhi. She was killed by her security guards, who happened to be Sikh. That assassination, again, is attributed to the anger of the...

Movies Hindi
TV premiere of Daniel Craig's 'Spectre' on 23 October

Movies Now is all geared up to air the television premiere of the Daniel Craig starrer James Bond movie Spectre. With Diwali round the corner, the movie will hit the TV screens on 23 October at 1 pm and a repeat telecast at 9 pm.

Movies Hollywood
Jio MAMI: Royal Stag Barrel joins Star to promote short films

The Jio MAMI 18th Mumbai Film Festival with Star has managed to involve Royal Stag Barrel Select Large Short Films to provide a platform within the short films category.

Movies Hindi
India against obstructing Fawad film; Maharashtra assures 'protection'

Even as PEMRA's ban on Indian content looms, the Indian Government has made it clear that it will not create any impediment for the release of producer-director Karan Johar’s 'Ae Dil Hai Mushkil’ starring popular Pakistani actor Fawad Khan, among others.

Movies Hindi
'Thithi' to open Dharmashala fest; to screen 45 features and shorts

A total of 45 features and shorts are to screened at the fifth Dharamshala International Film Festival (DIFF) to be held from 3 to 6 November.

Movies Hindi
New films: The business of a few lakhs

The dull pre-Diwali period has taken its toll. The films released recently as well as last Friday have fallen like nine pins. Some of these have been forced to commit hara-kiri as they would not be able to get playtime at the cinemas in peak period when the flow of star cast films is regular. The...

Movies Hindi
Bollywood supports Govt's Pak policy; pleads for ongoing projects

NEW DELHI: The Film & Television Producers Guild of India Ltd today expressed “genuine concern of all those film producers who have invested heavily in films featuring artistes from across the border.” Even as it expressed unflinching support to the Central Government and solidarity with the...

Movies Hindi
MotuPatlu: King Of Kings (3D).......Kid stuff

MotuPatlu: King Of Kings (3D) is India’s own homebred animation film featuring characters of the popular Hindi comic strip of the same name that features in Lot Pot magazine.

Movies Hindi
Competitive short film fest to coincide with Risk Development meet

NEW DELHI: A short films competition on the theme of Risk Sensitive Development for Community Resilience will be organised at the Asian Ministerial Conference for Disaster Risk Reduction (AMCDRR) 2016 being held here.

Movies Short Films

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories