MUMBAI: The AIM listed Eros International has finally firmed up its plans to list its Indian subsidiary – Eros International Media – on the Bombay Stock Exchange (BSE). Eros International Media’s listing is a part of the company’s overall strategy to strengthen its balance sheet in anticipation of future corporate activity.

Eros has appointed Enam, Kotak and RBS (Royal Bank of Scotland) to act on the Indian IPO and it is expected that the transaction will conclude within the current financial year ended March 2010.

The company will not dilute more than 25 per cent equity in the Indian entity. "It is currently intended that any new funds raised by Eros India in the Indian IPO will not result in a dilution of the company’s ownership in excess of 25 per cent," Eros said. Naresh Chandra will be appointed as the non-executive chairman of the Indian board.

Eros expects the Indian IPO and the recent appointment of Entertainment Networks India Ltd’s (ENIL) AP Parigi as group CEO for the Indian operations to drive the group’s growth and consolidation within India.

As was already reported by Businessofcinema.com, the company has already released two big films this year – Kambakkth Ishq and Love Aaj Kal along with regional films like Me Shivaji Raje Bhosale Boltoy, Tera Mera Ki Rishta and Kandasamy. Moreover, Eros has a lined up a number of co-production deals with independent producers and actors for their forthcoming films.

The company’s theatrical revenues fell marginally from $52.1 million to $46.3 million. Eros’ revenues from television syndication grew 94% to $64 million in 2009 as compared to $33 million in 2008. The company also saw revenue coming in from television syndication deals with Star, Sony, INX, Viacom, Sahara, B4U and Zee amongst others.

The company’s revenues from New Media grew by 69% to $46.2 million, which was driven by a combination of growth in subscription video on demand deals with Comcast and Cablevision, IPTV, mobile deals, DTH and internet platforms.