Eros International plans to raise Rs 350 crore through IPO

To fund acquisition and co-production of Indian film rights

Media firm Eros International reportedly plans to raise Rs 350 crore through an initial public offer (IPO) and has filed a draft red herring prospectus with market regulator Securities & Exchange Board of India (Sebi) for the same. The public offer would be based on 100% book building process.

According to the draft red herring prospectus, Eros International is considering pre-IPO placement of shares worth Rs 20 crore with certain investors.

The company will use the funds to acquire and co-produce Indian film rights, primarily Hindi films, as also Tamil and other regional language films, and for general corporate purposes.

The Mumbai-based company is promoted by Eros International Plc and Eros Worldwide FZ LLC.