Eros International offer for sale oversubscribed 4.4 times

The offer for sale of 2.8 per cent stake in film distribution company Eros International Media was oversubscribed 4.4 times today.

The 25.74 lakh equity stake sale received bids for 1.13 crore shares, raising Rs 52.14 crore, as per data available with the BSE.

The indicative price for the issue was Rs 202.62.

Eros Worldwide, a promoter entity of Eros International Media, fixed the floor price at Rs 200 per share to sell 2.8 per cent stake in the film distribution company.

Eros Worldwide held 54.15 per cent stake in the company, as on September 30, 2012. The entire promoter group of Eros International held 77.8 per cent of the company.

Other major shareholders include Eros Digital (23.64 per cent), Indus Capital Advisors (UK) (3.99 per cent) and IDFC Sterling Equity Fund (1.41 per cent).

Kotak Securities acted as the sole selling broker for the OFS.

Shares of the company closed at Rs 207.75, down 1.38 per cent from their previous close, on the BSE.

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