Reliance Ind completes acquisition of 5% in Eros Intl

Entertainment firm Eros International today said that Reliance Industries has completed taking 5 per cent stake following customary approval processes.

"Following customary approval processes, the sale of a 5 per cent stake in Eros to Reliance Industries, previously announced on February 20, has been completed," it said in a statement.

Reliance has acquired 3,111,088 newly issued 'A ordinary shares' from Eros which represents 5 per cent of Eros's current issued and outstanding ordinary share capital on a pro forma basis.

The purchase price was USD 15 per share, which represents a total cash consideration of USD 46.6 million.

Goldman Sachs acted as exclusive financial advisor to Eros International in this transaction.