Reuters: Mergers News: UPDATE 2-Eros Int'l files for $250 mln US IPO, to delist from AIM

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 2-Eros Int'l files for $250 mln US IPO, to delist from AIM Mar 30th 2012, 14:00 Fri Mar 30, 2012 10:00am EDT * Says U.S. market offers more liquidity * Intends to list on the NYSE under the symbol "EROS" March 30 (Reuters) - Film entertainment company Eros International PLC filed for a U.S. initial public offering of up to $250 million and said it intends to delist from London's junior AIM market. It decided to make the switch as the U.S. capital markets provide a more relevant peer group, broader analyst coverage, increased liquidity and access to additional capital on more favourable terms, Eros, which produces and distributes Indian film content, said. Eros International is known for the distribution of films like "Zindagi Na Milegi Dobara" (You Only Live Once) and "RA.One", starring Bollywood actors Shahrukh Khan and Kareena Kapoor. The company claims a distribution network that covers more than 50 countries and has offices in India, the UK, the United States, Dubai, Australia, Fiji, Isle of Man and Singapore. Eros' Indian unit, Eros International Media Ltd, was listed on India's Bombay Stock Exchange and National Stock Exchange in 2010. Several Indian media companies have tied up with their U.S. peers in recent years. Last month, Walt Disney Co took over UTV Software Communications Ltd, which produces television content in India. In 2009, Indian billionaire Anil Ambani invested $325 million in Steven Spielberg's DreamWorks Studios . For the nine months ended December 2011, Eros earned $45.5 million on a revenue of $166.2 million, according to its regulatory filing. Eros named Deutsche Bank Securities, BofA Merrill Lynch, Citigroup and UBS Securities as the underwriters to the offering. The company intends to list its common stock on the New York Stock Exchange under the symbol "EROS." The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO can be different. Eros shares were up 2 percent at 242 pence at 1355 GMT on Friday on the London Stock Exchange. Link this Share this Digg this Email Reprints

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