Reliance Industries acquires 5% stake in in Eros

Mumbai: Entertainment firm Eros International has said Reliance Industries has completed taking five per cent stake following customary approval processes.

“Following customary approval processes, the sale of a five per cent stake in Eros to Reliance Industries, previously announced on 20 February, has been completed,” it said in a statement.

Reliance has acquired 3,111,088 newly issued ‘A ordinary shares’ from Eros which represents five per cent of Eros’s current issued and outstanding ordinary share capital on a pro forma basis.

The purchase price was $15 per share, which represents a total cash consideration of $46.6 million. Goldman Sachs acted as exclusive financial advisor to Eros International in this transaction.