Eros Media to raise fund, board approves issue of 22.5 crore equity shares

Kishore Lulla resigned from the board of Eros Media.

Mumbai: Eros International Media has announced its plans to raise funds, a change directorate and management on Thursday. Kishore Lulla resigned as the executive director of the company.

The company's board of directors approved an increase in the authorised share capital of the company from Rs 125 crore divided into 12.5 crore equity shares of Rs 10 each to Rs 350 crore divided into 35 crore equity shares of Rs 10 each by creation of additional 22.5 crore equity shares of face value of Rs 10 each ranking pari passu (same rate) in all respects with the existing equity shares of the company.  

The board also approved the issue of up to Rs 13.5 crore convertible warrants for Rs 30 per warrant with a right to the warrant holders to apply for and be allotted one equity share of face value Rs 10 each of the company at a premium of Rs 20 per equity share for each warrant within 18 months from the date of allotment of warrants, for an amount up to Rs 405 crore for cash and in such form and manner and under Chapter V of the Securities and Exchange Board of India (SEBI), subject to the approval of members of the company and such regulatory/statutory authorities as may be applicable.

The board appointed Vijay Jayantilal Thaker as an additional director of the company subject to shareholder approval in the ensuing annual general meeting. Thaker resigned from the role of the chief financial officer of the company.

The company announced the appointment of Rajesh Chalke as chief financial officer.

In April, the company had announced several additions to the board including the appointment of Rishika Lulla Singh as executive chairperson, Pradeep Dwivedi as new CEO and Rajesh Chalke as chief financial officer. It also changed the corporate name of the entity listed on New York Stock Exchange from ErosSTX Global to Eros Media World Plc after completing the previously announced sale of STX subsidiary. 

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