Hindi
Eros plans $250 mn public float on NYSE, to delist from AIM
MUMBAI: Eros International Plc is planning a $250 million public float in the New York Stock Exchange while delisting from the Alternative Investment Market of the London Stock Exchange.
The filmed entertainment company has filed with the United States Securities and Exchange Commission for an initial public offering of its A Ordinary Shares to raise up to $250 million.
Eros said it decided to move to the US capital market as it offers access to additional capital on more favourable terms and increases liquidity. “It will also offer more relevant peer group and broader analyst coverage,” Eros said in its filing.
The number of shares to be offered and the price range for the offering have not yet been determined.
Eros has appointed Deutsche Bank Securities, BofA Merrill Lynch, Citigroup and UBS Securities LLC as joint book-runners for the offering.
The company plans to use the proceeds from the proposed IPO to fund new co-productions and acquisitions of Hindi and regional film catalogue content and film-related content. The IPO money will also be utilised to grow its digital distribution channel and strengthen other distribution channels.
Eros, which was listed on Bombay Stock Exchange and National Stock Exchange in 2010, also revealed that it will not pay any dividends in the foreseeable future and intends to retain future earnings. The company has not declared any dividend since incorporation in 2006 as all profits have been retained and utilised to grow its business.
For the fiscal 2011, the company‘s revenue grew to $164.6 million, from $149.7 million a year ago. Eros has posted revenue of $166.3 million for the nine months ended 31 December 2011, from $124.3 million in the same period of the earlier year.
EBITDA increased to $58.6 million for fiscal 2011 from $53.2 million for fiscal 2010. It stood at $59.6 million for the nine months ended 31 December 2011 compared to $45.4 million a year ago.
The aggregate outstanding debt of the company stood at $228.6 million as of 31 December 2011, with $16.2 million remaining available under existing financing arrangements, and cash and cash equivalents of $120 million.
The company revealed that it will release over 270 new films over the next three fiscal years and has aggregated a film library of over 1,900 films, plus approximately 700 additional films for which it only holds digital rights.
Eros also claimed that its international distribution network extends to over 50 countries, including US, UK, Germany, Poland, Russia, Indonesia, Malaysia, Taiwan, Japan, South Korea, China and Arabic speaking countries, where Indian films are released through dubbing in local languages.
The company intends to list its common stock on the New York Stock Exchange under the symbol “Eros”.
Hindi
Jio Studios, Sanjay Dutt team up to revive Khal Nayak
Rights acquired for new version, format under wraps as remake plans take shape.
MUMBAI: The villain is back and this time, he’s rewriting his own script. Jio Studios has partnered with Three Dimension Motion Pictures and Aspect Entertainment to revive the 1993 cult classic Khal Nayak, marking a fresh chapter for one of Bollywood’s most iconic anti-hero stories. The original film, directed by Subhash Ghai under Mukta Arts, was a commercial and cultural milestone, with Sanjay Dutt’s portrayal of Ballu becoming one of Hindi cinema’s most memorable performances.
Dutt, along with Aksha Kamboj, has now acquired the rights from the original creators, bringing on board Jio Studios and its President Jyoti Deshpande to steer the project creatively.
While the exact format whether remake, sequel, prequel, or a completely new narrative remains undisclosed, the collaboration aims to reinterpret the story for contemporary audiences while retaining the essence that made the original a defining film of the 1990s.
The move taps into a broader industry trend of reviving legacy intellectual property, particularly characters with strong recall value. “Khal Nayak” was notable for pushing mainstream Hindi cinema into morally grey territory at a time when heroes were largely one-dimensional, making Ballu’s character a standout.
The project also marks the film production debut of Aspect Entertainment, signalling a push towards more technology-led storytelling frameworks. Meanwhile, Jio Studios continues to expand its slate, having built a library of over 200 films and series, with more than 60 titles collectively winning 500-plus awards.
For Dutt, the revival is as much personal as it is strategic, a return to a role that reshaped his career. For the industry, it is another sign that nostalgia, when paired with scale, remains a powerful box-office proposition.
Because in Bollywood, some villains never fade, they just wait for the perfect comeback.
