Eros international to raise over $96 million from sales on NYSE

NEW DELHI: Eros International, arguably the largest overseas distributor of Indian films, will raise more than $96 million from the sale of shares on the New York Stock Exchange (NYSE).

The company transferred its listing from London’s second tier Alternative Investment Market to the main board of the NYSE, recently, and the shares are a component of the Russell 3000 index.

The share issue is characterised as a ‘follow-on equity offering,’ according to a report in ‘Variety’.

The company, this week, announced that it would sell 6.675 million A ordinary shares, while existing shareholders would sell 325,000, for a minimum total of seven million shares. The company set the price at $14.5 per share earlier this week for a total offering of $101.5 million, and new capital for the company of $96.5.

In the event that the issue is heavily subscribed, both Eros and the existing shareholders may sell a combined total of 1.05 million additional A ordinary shares.

Shares fell from $14.9 to $14.12 on the pricing news on 10 July, the report said.

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