Eros International jumps after buzz of stake sale in unit to Fullerton

Eros International Media jumped 8.17% to Rs 581.5 at 12:30 IST on BSE after reports the company is in advanced talks to sell a stake in its Eros Now unit to Singapore-based Fullerton Fund Management Co.

Meanwhile, the S&P BSE Sensex was down 29.45 points or 0.11% at 27,658.27.

On BSE, so far 11,505 shares were traded in the counter as against average daily volume of 5,948 shares in the past one quarter.

The mid-cap stock hit a high of Rs 1,033 and a low of Rs 989.75 so far during the day. The stock hit a record high of Rs 1,361.50 on 9 April 2015. The stock hit a 52-week low of Rs 246 on 18 July 2014.

 

The deal, if completed, would value Eros Now at as much as $800 million, report said. That is much higher than where the market values the business now. Eros Now is Eros International's streaming platform, which has about 19 million subscribers, mostly in India.

On consolidated basis, Eros International Media's net profit rose 32% to Rs 51.70 crore on 50% rise in total income to Rs 465.59 crore in Q4 March 2015 over Q4 March 2014.

Eros International is a Bollywood film producer and distributor company.

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