Eros Worldwide offloads 1.17 crore EIML shares to pay debt

Eros International Media's promoter group entity Eros Worldwide FZ LLC today said it has sold over 1.17 crore shares of the company this fiscal to pay off over $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 $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 $123 million facility now stands reduced to approximately $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.