MUMBAI: Eros International Media (EIML), a subsidiary of Aim-listed Eros International Plc, has announced that its proposed Rs 3.5 billion initial public offering (IPO) issue will open on 17 September and close on 21 September.

“The price band and the minimum bid lot will be decided by EIML in consultation with the book running lead managers and a further announcement will be made in due course,” the company said.

EIML is raising up to Rs 3.5 billion ($75 million). The company is considering a pre-IPO placement of up to Rs 200 million with certain investors.

Post completion of the IPO and allotment, EIML will list its shares on the National Stock Exchange and the Bombay Stock Exchange.

At present, Eros Worldwide holds 69.60 per cent stake while the Indian company, Eros Digital, holds 30.39 per cent in EIML.

The company intends to use Rs 2.8 billion from the proceeds of the issue to acquire and co-produce Indian film rights, primarily Hindi films, as also Tamil and other regional language films. The surplus amount will be used towards general corporate purposes including meeting future growth requirements.