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Eros International offer for sale oversubscribed 4.4 times

The 25.74 lakh equity stake sale received bids for 1.13 crore shares

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The offer for sale of 2.8% stake in film distribution company Media was oversubscribed 4.4 times today.

The 25.74 lakh equity stake sale received bids for 1.13 crore shares, raising Rs 52.14 crore, as per data available with the BSE.

The indicative price for the issue was Rs 202.62.

Eros Worldwide, a promoter entity of Eros International Media, fixed the floor price at Rs 200 per share to sell 2.8% stake in the film distribution company.

Eros Worldwide held 54.15% stake in the company, as on September 30, 2012. The entire promoter group of Eros International held 77.8% of the company.

Other major shareholders include Eros Digital (23.64%), Indus Capital Advisors (UK) (3.99%) and IDFC Sterling Equity Fund (1.41%).

Kotak Securities acted as the sole selling broker for the OFS.

Shares of the company closed at Rs 207.75, down 1.38% from their previous close, on the BSE.

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