LONDON — Bollywood giant Eros Intl. announced plans Thursday to raise 3.5 billion rupees ($75 million) on the Indian stock market. The company, which is listed on London’s Alternate Investment Market, plans to raise the funds via an initial public offering through its wholly owned subsidiary Eros Intl. Media and has filed documents with the Registrar of Cos. in Mumbai.
The issue will open Sept. 17 and close Sept. 21. On completion of the IPO and allotment, equity shares will be listed and traded on the National Stock Exchange of India and the Bombay Stock Exchange.
Eros will use $60 million of the issue proceeds to acquire and co-produce Indian films, in the Hindi and Tamil languages and some other regional-lingo projects for release in 2011 and 2012, with the remainder going toward administration.
The company’s forthcoming release slate includes “Agent Vinod,” “RA.One” and “Mausam.”