Eros International to buy back $20 mn worth of common shares on NYSE

The board of media and entertainment firm Eros International Monday announced a share repurchase program worth up to USD 20 million (approx Rs 138.86 crore) on the New York Stock Exchange.

The announcement comes after Credit Analysis and Research Limited (CARE), last Wednesday, downgraded the ratings assigned to the bank facilities of Eros International’s Indian arm Eros International Media on account of a delay in servicing of bank loans for the month of April 2019 and May 2019.

“The Eros board of directors believes the equity value of Eros International is seriously undervalued in the public markets; and accordingly, the board has approved a share buyback program of up to USD 20 million of outstanding common shares,” Eros International Media said in a regulatory filing on Monday.