04/07/2006 Eros International plc joins AIM
4 July 2006
Eros International plc joins AIM
Eros International plc is an international media and entertainment group that owns and distributes Bollywood (the term used to describe the Indian film industry) content globally in a variety of formats.
Founded in 1977, with an extensive film library containing in excess of 1,300 titles, the Group has a worldwide distribution network and more than 110 employees based in UK, India, the US, United Arab Emirates, Australia and Fiji.
Eros typically acquires distribution rights in films under production and is then able to exploit these rights through cinemas, home entertainment, broadcast channels, new media and other modes of licensing.
Following the successful placing of 15,625,000 ordinary shares priced at £1.76p per share, Eros will have a market capitalisation at admission of approximately £176 million. 12,784,091 new ordinary shares placed will raise £22.5 million in gross proceeds. The number of existing shares sold will be 2,840,909 and gross proceeds of the Placing available to the existing shareholder will be £5 million.
Commenting on the admission to AIM, Chairman and CEO Kishore Lulla said:
“We are pleased that the Placing has been well received and welcome our new shareholders. Since inception, Eros has enjoyed phenomenal growth and we have a proven track record of organic expansion. We are now at a point in our history where the business is of sufficient scale to exploit the significant opportunities presented to us by the growing Indian entertainment sector globally. As a quoted company we will have the increased financial strength, visibility and currency to help us achieve our objectives. We are proud to be bringing Eros to the market and look forward to starting life as a public company.”
Evolution Securities is acting as Nominated Adviser and Broker to the Company.