Eros Worldwide offloads 1.17 cr EIML shares to pay debt

Eros International | Company reported loss at Rs 28.49 crore in Q1FY21 against profit at Rs 27.05 crore, revenue dropped to Rs 41.68 crore from Rs 183.52 crore YoY.

Eros International Media's promoter group entity Eros Worldwide FZ LLC on Tuesday said it has sold over 1.17 crore shares of the company this fiscal to pay off over USD 40 million of debt.

"Eros Worldwide FZ LLC...completes sale of 11,716,850 shares of Eros International Media Ltd (EIML) between April to August 2017 amounting to over USD 40 million to reduce its revolving credit facility," it said in a BSE filing.

With the paydown from sale of shares and internal accruals, the USD 123 million facility now stands reduced to approximately USD 45 million, the company said.

Eros further said post this sale and as of date, Eros Worldwide together with Eros Digital Pvt Ltd continues to own 60.47 per cent of EIML.

Eros International acquires, co-produces and distributes Indian films across different formats such as cinema, television and digital new media. The company also owns the rapidly growing over-the-top (OTT) platform Eros Now.

Shares of Eros International Media were trading 1.30 per cent lower at Rs 178.20 on BSE.