In a press release dated February 20, 2018, Eros International Media Limited (a subsidiary of Eros International Plc.) informed the stock exchanges that it will in a joint partnership with Reliance Industries Limited (RIL) set-up a Rs 1,000 crore corpus to co-produce and consolidate content.
The press statement states RIL's wholly-owned subsidiary, Reliance Industrial Investments and Holdings Ltd will subscribe Eros International Plc.'s 32.5 lakh shares at $15 apiece, and an 18% premium to Friday's closing price. The total acquisition of the stake would amount to $48.75 million. Following the announcement, Eros International Plc's Shares closed at 5.4% higher on the New York Stock Exchange.
Back in India, Eros International Media Limited is also experiencing a surge in its share price at almost 5%.
Eros International Media Ltd and RIL will jointly produce and buy Indian movies as well as digital content in various languages.