ESGC - Eros Media India unit raising $54 million in equity capital

The newly renamed Eros Media World (NYSE:ESGC) says its India subsidiary plans to raise a bit over 4 billion rupees - the equivalent of $54 million - in equity capital. That will come through a public issuance of convertible warrants in India. The board of Eros International Media Limited unanimously approved an increase in authorized share capital along with the issuance of up to 135 million warrants at a strike price of 40 cents a share (about 30 rupees), each of which entitling a holder to one share of EIML at a premium of about 27 cents a share (20 rupees). EIML has received nonbinding indications of interest amounting to about $54 million in warrant issue price. “We are pleased to note the significant investor interest in our warrant issue. It is a recognition of our large and valuable curated content library, and testimony to our growth prospects in tandem

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Eros Media India unit raising $54 million in equity capital