Eros International Plc, the parent company of Eros International Media Limited, seems to have reached a definitive agreement to acquire 100% control of B4U Television Network, the Bollywood television network.  Eros International previously held 24% stake in B4U and according to this agreement, Eros International Plc anticipated to acquire the remaining 76% of B4U for a combination of cash and share consideration of US$53.1 million (Rs 278 Crores) on or after April 24, 2012.

B4U currently operates two television channels – B4U Music, a Bollywood music channel and B4U Movies, a premium Bollywood movie channel. It claims to offers Indian programming in more than 100 countries, including India, the UK, US, Canada and countries in the Middle East and Africa, as of December 31, 2011.

While B4U Movies broadcasts recently released theatrical motion pictures and and older titles by licensing it from various content providers like Eros, B4U Music broadcasts classic and new Bollywood hits as well as International Music by working directly with record companies and content owners like Eros. The company generates the majority of its revenues through advertising in India and through fees earned by being a part of a cable or satellite service provider’s subscription package Internationally.

The transaction is expected to approximately close by August 22, 2012 i.e. 120 days from the date of the definitive agreement unless both the companies mutually agree to extend the date.

Last month, Eros International Plc had filed an IPO with the US Securities and Exchange Commission (SEC) with intentions to raise $250 million. The company had hoped to get listed in the New York Stock Exchanged under the stock symbol ‘EROS’, although it didn’t reveal the total number of shares or the starting price. The company also informed that it is currently listed in the London Stock Exchange under the symbol ‘EROS’ and it will apply for de-listing of its ordinary shares, following the share listing in NYSE.