Singapore government acquires stake in Bollywood distributor
The Singapore government through a private equity fund has acquired a 7.4% stake in Indian film distributor Eros International. This was according to a report published by Variety.
Fullerton is an investment fund run by Singaporean sovereign wealth fund Temasek Holdings. Fullerton bought 5 million shares in the Bollywood distributor at USD11 apiece. The said stake was purchased after Eros transferred its primary London share listing to the New York Stock Exchange this month, the report explained.
Eros is a film company that operates from London. The firm is a major financier of Bollywood movies. The company also distributes movies in India and in 50 locations overseas. Most recently, Eros handled Bollywood actor Sanjay Leela Bhansali's "Ram-leela" movie. This transaction added around 2,000 titles to the firm's catalog, the report said.
With the current trading price of USD11 per share, Eros now has a market capitalization of USD252 million. The company also controls its Indian subsidiary Eros International Media. The latter has its own separate listings on both of the main Indian stock exchanges, Variety reported.