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Eros International to Buy Back Shares Worth Up to $20 Million in US Market

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Eros International to Buy Back Shares Worth Up to $20 Million in US Market
Credits: BizAsia

Eros International is formerly known as Rishima International. It is an Indian motion picture production and distribution company. The main headquarters are located in Mumbai, India.

Moreover, it is said to be leading distribution and production company in India. It was founded in 1977 by Arjun Lulla. Currently, the company is managed by his two sons Kishore and Sunil Lulla.

Eros International is expected to purchase back shares in the US market

A recent announcement was made that Eros International is going to buy back the shares up to $20 Million. On last Wednesday, Credit Analysis and Research Limited (CARE) had given low ratings assigned to the bank facilities of Eros.

Eros International to Buy Back Shares Worth Up to $20 Million in US Market

Credits: Business Standard

On Monday, Eros International announced to repurchase program worth up to Rs 138.86 crore on the New York Stock Exchange. However, the shares of Eros International Media has fallen 9.90%.

Their decision was made after seeing a delay in servicing of bank loans by Eros Int’l for the month of April 2019 and May 2019. As per the sources, Eros Int’l Media stated that their equity value is undervalued in the public markets.

Eros International Group CEO’s Kishore Lulla statement

Eros International to Buy Back Shares Worth Up to $20 Million in US Market

Credits: BizAsia

Moreover, the board has given permission to repurchase program of up to $20 million from the US market. Eros Group Chairman and CEO Kishore Lulla stated that their team is working with CARE rating to get their rating upgraded in a few months.

Also, the company made a statement during repurchase that the program has no fix time limit. Moreover, it may get suspended or discontinued at any given time. Check out The Geek Herald for more exciting updates.

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