New Delhi: The country’s leading movie and entertainment giant Eros International has put on hold its plans to get listed in the US stock market in the wake of tough market conditions.
The group, currently listed in the UK and India, has been planning to list on the New York Stock Exchange (NYSE) in the US and delist its shares from the London Stock Exchange’s AIM (Alternative Investment Market) platform. It was previously expecting to list in the US on 25 May, but later said that the date of its proposed NYSE listing and London delisting would be announced after its full-year results.
However, Eros International Plc has now said in a regulatory filing with the London Stock Exchange that it is yet to determine the time of US listing, “given the current US equity market conditions”.
“The company is continuing to monitor the situation and when more clarity is available on timing, the company will make a specific announcement to the London Stock Exchange.
“In the meantime, Eros will remain listed on AIM, London Stock Exchange,” it added.
Earlier on 3 May, the company had said that the US listing was expected to take place on or around 25 May, and the delisting from London would take place a day later. However, it had said that “both dates are subject to change and confirmation depending on the final NYSE listing timetable”.
The plans for US listing were first announced in March.
Some of the recent hits from Eros group include Vicky Donor, Housefull 2 and Agneepath, while its upcoming major releases include Ferrari Ki Sawari, Teri Meri Kahani and Cocktail.
In 2006, Eros International Plc, the holding company of the Eros Group, became the first Indian media company to list on AIM.
Eros International’s Indian subsidiary Eros International Media was listed on the BSE and NSE in October 2010.