Eros International Plc (NYSE:EROS) (the “Company”), a leading company in the global Indian film entertainment industry, today announced that it has entered into an equity investment facility in the form of a subscription agreement (the “Facility”) of up to US$50 million. Under the terms of the agreement, Eros may elect to sell up to $50,000,000 of its A ordinary shares over a 12-month commitment period. Eros is not obligated to sell any shares under the terms of the Facility, and any share sales would be entirely at the discretion of Eros.
The purchase price of the ordinary shares will be at a 5% discount of the volume weighted average share price, but in no circumstances lower than $3.60 per share prior to February 29, 2020. The Facility will be primarily used for opportunistic investment in new content, with a focus on digital series and originals, to fuel the growth of the Company’s digital platform, Eros Now.