The Hindu Business Line : Eros International plans IPO for Indian unit

LONDON: The AIM-listed integrated studio operator Eros International Plc is planning to list its wholly-owned Indian subsidiary on the Bombay Stock Exchange in the current financial year.

Eros International Plc, has firmed up its plans to list Eros International Media Ltd, its wholly-owned subsidiary company in India, on the BSE, the company said in a regulatory filing to the London Stock Exchange.

**It is expected that the transaction would conclude within the current financial year ended March 2010,'' the filing added. Enam, Kotak and RBS (Royal Bank of Scotland) has been appointed to act on the Indian IPO.

“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,” the company said.

The company has also made a few changes in its management and has appointed Mr A P Parigi as Group CEO for the Indian operations and Mr Naresh Chandra as the Non-Executive Chairman of the Indian Board.

“It is expected that the intended IPO and the recent appointments, would drive the group's growth and consolidation within India,” the company said. - PTI

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