MUMBAI: Eros Worldwide, the promoter of Eros International Media, will sell 2.57 million shares of Rs 10 each of representing 2.8 per cent of the equity share capital to meet the minimum public shareholding requirement.

Eros Worldwide will raise about Rs 539.1 million, if the shares on offer are sold at Rs 209.50 per share, the closing price of Eros International on the National Stock Exchange on Tuesday.

The listing regulations require a public company to be owned at least 25 per cent by non-promoter shareholders to broaden the shareholding pattern and bring about greater transparency.

The sale will happen on the separate window of the Stock Exchanges and shall commence on 20 December at 9.15 am and shall close on the same day at 3.30 pm.

As per today?s closing price on NSE, Eros shares are worth Rs 539.1 million at Rs 209.5.

The promoter group holds 77.8 per cent in Eros International Media with Eros Worldwide FZ LLC (54.15 per cent) and Eros Digital Pvt Ltd (23.64 per cent).

Institutional investors hold 8.56 per cent while non-institutional investors hold the remaining 22.2 per cent in Eros International. Indus Capital Advisors (UK) (3.99 per cent) and IDFC Sterling Equity Fund (1.41 per cent) are top shareholders in the company.