Eros Worldwide, one of the promoters of Eros International Media has informed BSE that it has fixed the floor price of Rs 200 per share to sell 2.8% stake in the company, in a bid to raise capital of up to Rs 51.47 crore. This was first reported by PTI (via The Hindu Business Line). Earlier in the week, Eros International had submitted a notice of offer to sell 2.5 million (25,73,710) equity shares of value Rs 10 each, which accounted for 2.8% of the total equity, by its promoter on separate window provided by BSE and NSE for this purpose. The company had appointed Kotak Securities as the broker for this sale and had announced that the sale will be initiated on December 20 at 9.15 am and will be closed on the same day at 3.30pm. It had also noted that the allocation will be made on a price-priority basis i.e. bidders with the highest price will be allotted shares at multiple clearing prices. The BSE filing also suggested that 25% of total shares being offered, will be reserved for mutual funds registered with SEBI (Securities and Exchange Board of India) and insurance companies registered with IRDA (Insurance Regulatory and Development Authority), provided Eros receives bids matching or exceeding the clearing price from these firms. Eros noted that in case the shares are under-subscribed by Mutual Funds and insurance companies, the remaining shares will be offered to other bidders, although no individual bidder will be allotted more than 25% of…
