Eros offloads 16% stake to Temasek for $40.7 mn

Eros International Plc. has offloaded 16 per cent stake to Fullerton Fund Management Company, an investment arm of Singapore’s Temasek Holdings Pte. 

Eros, the leading distributor of Indian movies in overseas markets, has raised $40.7 million ( Rs. 253.3 crore) through this stake dilution.With this deal, Eros International gets valued at $253.41 million. 

Fullerton Fund Management Co, which manages S$12 billion in assets as on 30 September 2013, acquired 2 million and 1.7 million A Ordinary Shares of Eros International, having face value £0.30 per share. 

Following the acquisition, Fullerton’s holding in Eros International is equivalent to 16 per cent of voting rights. 

The first tranche of 1.7 million shares, equivalent to 7.38 per cent stake of Eros International, is jointly acquired by Temasek Holdings and its subsidiaries, Fullerton (Private) Limited (FPL) and Temasek Fullerton Alpha Pte Ltd (TFAPL). 

The second tranche of 2 million shares, equivalent to 8.68% stake of Eros International, is acquired under Fullerton Alpha – Aggregate Fund managed by Fullerton Fund Management Company. 

Meanwhile, Eros International’s Indian subsidiary, Eros International Media Ltd, which is listed on the domestic bourses, received cold shoulder from the market participants.

Source: http://cablequest.org/news/international-news/item/3704-eros-offloads-16-stake-to-temasek-for-$40-7-mn.html
Source: http://cablequest.org/news/international-news/item/3704-eros-offloads-16-stake-to-temasek-for-$40-7-mn.html