Eros Intl gains ahead of offer-for-sale

Eros International Media, will sell 2.57 million shares representing 2.8% of the equity share capital to meet the minimum public shareholding requirement.

Eros International Media is trading higher by 2.5% at Rs 215 after the promoter of film distribution company propose to sell 2.8% of its holding in the company through Offer for Sale (OFS) to meet the minimum public shareholding requirement.

“Eros Worldwide FZ LLC has submitted to BSE a notice of Offer for Sale of an aggregate of 2.57 million equity shares of Rs 10 each of Eros International Media representing 2.8% of the equity share capital of the company, by promoter through a sale on the separate window provided by the BSE & NSE for this purpose,” Eros International Media said in a statement.

 

The sale shall take place on the separate window of the stock exchanges and shall commence on December 20, 2012 at 9.15 a.m. and shall close on the same day at 3.30 p.m., it added.

The seller shall declare the floor price for the sale today (December 19) after trading hours but not late than 1800 hrs.

The stock opened at Rs 211 on the NSE and has seen a combined 192,469 shares changing hands on the counter in opening deals.