Bollywood distributor Eros International, which became the first Indian media company to list on the New York Stock Exchange, is planning a stock offering to raise more than $96 million.
The pricing of an underwritten public offering of 7 million A ordinary shares was set at $14.50 per share, for a total offering of $101.5 million, including new capital for the company of $96.5 million. The offering consists of 6.675 million shares offered by Eros and 325,000 shares offered by selling shareholders.
Recently, the company transferred its listing from London’s second-tier Alternative Investment Market to the main board of the NYSE. The stock issue was characterized as a "follow-on equity offering."
In addition, if the issue is heavily subscribed, Eros and an existing shareholder have granted the underwriters a 30-day option to purchase up to an additional 1.05 million A ordinary shares. These will be equally split between Eros and the existing shareholder at the offering price less underwriting discounts and commissions.
The offering is expected to close on Tuesday.
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