Eros Worldwide offloads 1.17 cr EIML shares to pay debt
Eros International Media's promoter group entity Eros Worldwide FZ LLC today said it has sold over 1.17 crore shares of the company this fiscal to pay off over USD 40 million of debt.
"Eros Worldwide FZ LLC...completes sale of 11,716,850 shares of Eros International Media Ltd (EIML) between April to August 2017 amounting to over USD 40 million to reduce its revolving credit facility," it said in a BSE filing.
With the paydown from sale of shares and internal accruals, the USD 123 million facility now stands reduced to approximately USD 45 million, the company said.
Eros further said post this sale and as of date, Eros Worldwide together with Eros Digital Pvt Ltd continues to own 60.47 per cent of EIML.
Eros International acquires, co-produces and distributes Indian films across different formats such as cinema, television and digital new media. The company also owns the rapidly growing over-the-top (OTT) platform Eros Now.
Shares of Eros International Media were trading 1.30 per cent lower at Rs 178.20 on BSE.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.