Bollywood firm lists on LSE

Bollywood film distribution company Eros International, which raised Rs 189.6 crore (Rs 1.89 billion) through equity placement in the UK, listed its shares on the London Stock Exchange on Tuesday.

The company held roadshows in UK to raise Rs 189.6 crore (£22.5 million) through share offerings in the last couple of days, an LSE official told PTI.

On its admission to AIM, LSE's global market for innovative and growing companies, the company had an initial market capitalisation of approximately Rs 1,483.8 crore (Rs 14.83 billion) making it the largest listed company in the Indian film industry.

 Founded in 1977, Eros has a library containing in over 1,300 titles, an extensive worldwide distribution network and more than 110 employees based in India, the UK, USA, UAE, Australia and Fiji.

Welcoming Eros International plc, AIM Head Martin Graham said, "The Indian film industry is one of the country's most high profile and successful export sectors and Eros International is a key conduit through which its massive output can reach a wider global audience."

 Commenting on the admission to AIM, chairman and CEO of  Eros International, Kishore Lulla said, "We are pleased that the placing has been well received and welcome our new  shareholders."

Since its inception, Eros has enjoyed phenomenal growth and has a proven track record of organic expansion.
"We are now at a point in our history where the business is of sufficient scale to exploit the significant opportunities presented to us by the growing Indian entertainment sector globally," Lulla said.

"As a listed company, we will have the increased financial strength, visibility and currency to help us achieve our objectives," he added.

AIM now has a total of 1,566 listed companies, including over 260 from outside the UK. The years 2005 was the most successful year in AIM's 10 year history with a total of 519 new companies joining the market raising a total of Rs 8,430 crore (£4.4 billion).