MUMBAI: Eros International’s wholly-owned subsidiary, Eros International Media Limited has filed a Red Herring Prospectus with the Registrar of Companies, Mumbai, India, in connection with EIML’s initial public offering (IPO).
The issue will open on 17 September 2010 and close on 21 September 2010. EIML will be raising Rs 3.5 billion (Rs 350 crore). The price band and the minimum bid lot will be decided by EIML in consultation with the book running lead managers.
On completion of the IPO and allotment, the Equity Shares of EIML are proposed to be listed and traded on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.
The company will invest up to Rs 2.80 billion (Rs 280 crore) from the net proceeds to fund Hindi, Tamil and other regional language film projects that it intends to release in fiscal 2011 and 2012.
As was earlier reported by Businessofcinema.com, Eros International, which is currently listed on London Stock Exchange’s AIM, will shift to the Main LSE Market post the completion of its India listing.
The company has a total of 12 movies lined for 2011 and 2012 namely Anjaana Anjaanee starring Ranbir Kapoor and Priyanka Chopra; Golmaal Returns 3 starring Ajay Devgn and Kareena Kapoor; No Problem starring Anil Kapoor and Sanjay Dutt; Toonpoor Ka Superhero starring Ajay Devgn and Kajol; Mausam starring Shahid Kapur and Sonam Kapoor; Agent Vinod starring Saif Ali Khan and Kareena Kapoor; RA.One starring Shah Rukh Khan and Kareena; Desi Boys starring Akshay Kumar, John Abraham and Deepika Padukone; Rockstar starring Ranbir Kapoor and one yet film each with Red Chillies Entertainment, Boney Kapoor and Saif Ali Khan.
Apart from these Hindi films, Eros also has a slate of regional films in Marathi, Punjabi and Tamil and some smaller scale Hindi releases.
Post the announcement of the Indian listing, shares in Eros International on AIM gained almost 8 per cent.
