RIL in focus on plan to acquire 5% stake in Eros International Plc

Reliance Industries (RIL) and Eros International Media (Eros India) will be in spotlight. RIL and Eros International PLC (Eros) announced on 20 February 2018 that RIL, through a subsidiary, has agreed to subscribe to a 5% equity stake in NYSE listed Eros at a price of $15 per share, which represents an 18% premium to last closing price. The transaction is subject to customary regulatory and other approvals. The announcement was made after market hours yesterday, 20 February 2018.

Furthermore, RIL and Eros India announced that they have agreed to partner in India to jointly produce and consolidate content from across India. The parties will equally invest up to Rs 1000 crore in aggregate (approximately $150 million) to produce and acquire Indian films and digital originals across all languages.

In addition, it was announced that Jyoti Deshpande, Group CEO and MD of Eros will be stepping down from her Executive role after more than 17 years in Eros and move on to head the Media and Entertainment business at RIL as President of the Chairman's Office. Deshpande will start her role at RIL from April 2018, but will continue to remain as a Non-Executive Director on the Board of Eros.

Kishore Lulla will resume his position of Group Chairman and CEO of Eros.

In her new role at RIL, Deshpande will lead the company's initiatives in Media and Entertainment to organically build and grow businesses around the content ecosystem such as broadcasting, films, sports, music, digital, gaming, animation etc., as well as integrate RIL's existing media investments such as Viacom and Balaji Telefilms with a view to build, scale and consolidate the fragmented $20 billion Indian M&E sector.

Dilip Buildcon said it has been declared as the lowest (L-1) bidder for a new engineering, procurement and construction (EPC) road project valued at Rs 380.07 crore by the National Highways Authority of India (NHAI) in Karnataka. The length of the road project is 52.30 kilometers and the project is expected to be completed in 30 months. The announcement was made after market hours yesterday, 20 February 2018.

Garnet International said it has fixed 7 March 2018 as record date for 2 for 1 bonus issue. The announcement was made after market hours yesterday, 20 February 2018.

Mawana Sugars said that its board of directors approved purchase of the entire shareholding of Mawana Foods (MFPL) held by Usha International (UIL) at a total consideration of Rs 24.83 crore subject to approval of the shareholders. The 10% of the total consideration will be paid by the company at the time of signing of the definitive agreement and the remaining consideration to be paid over a period of 12 months. The announcement was made after market hours yesterday, 20 February 2018.

MFPL deals with sales and marketing of sugar and edible oil products and has a good market share in the retail business of sugar and has presence in India. Turnover of the company in FY 2017 was Rs 123.78 crore.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)