Eros stake raised
Two of the existing top 10 institutional shareholders of Eros International Plc have increased their holdings in the Indian film entertainment company.
Eros said it raised approximately US$30 million through a private placement, the proceeds of which will be primarily used to fund further expansion of Eros Now, the company’s OTT platform.
Jyoti Deshpande, Group CEO & MD Eros International commented, “Our vision to transform Eros from a leading film studio to a leading digital company with a global footprint is well underway with Eros Now, our OTT platform crossing one million paid subscribers as of June 30, 2016.
“Our ownership of content and our strong balance sheet should provide tailwinds to grow the Eros Now subscriber base from one million to ten million and eventually hundred million within the next decade.” fii-news.com
