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Eros International advances on fund raising plans

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Eros International Media rose 0.99% to Rs 172.95 at 11:00 on after the company said that its board of directors will meet on 2 December 2016, to consider and approve the proposal to raise funds.

The announcement was made after market hours yesterday, 29 November 2016.

Meanwhile, the Sensex was up 115.17 points, or 0.44%, to 26,509.66.

On the BSE, 7,267 shares were traded so far in the counter, compared with average daily volume of 43,372 shares in the past one quarter. The stock had hit a high of Rs 174.90 and a low of Rs 170.10 so far during the day. The stock had hit a 52-week high of Rs 274 on 4 December 2015. The stock had hit a 52-week low of Rs 125.90 on 29 February 2016. The stock had underperformed the market over the past one month till 29 November 2016, falling 12.25% compared with 5.54% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 21.39% as against Sensex's 5.41% decline.

The small-cap company has equity capital of Rs 93.71 crore. Face value per share is Rs 10.

Eros International Media said that the meeting of board of directors of the company will be held on 2 December 2016, to consider and approve the proposal to raise funds through issue and offer of secured/unsecured, redeemable, non convertible debentures on public/private placement basis, in one or more tranches, upto the limit as may be decided by the board.

On a consolidated basis, net profit of Eros International Media fell 32.9% to Rs 62.99 crore on 5.2% decline in net sales to Rs 478.79 crore in Q2 September 2016 over Q2 September 2015.

Eros International Media operates in the Indian film entertainment industry. It acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 11:00 IST