New Delhi: Eros International Media Ltd’s promoter group entity Eros Worldwide FZ LLC on Tuesday said it has sold over 11.71 million shares of the company this fiscal to pay off over $40 million of debt.

“Eros Worldwide FZ LLC...completes sale of 11,716,850 shares of Eros International Media Ltd (EIML) between April to August 2017, amounting to over $40 million to reduce its revolving credit facility," it said in a BSE filing.

With the pay down from sale of shares and internal accruals, the $123 million facility now stands reduced to approximately $45 million, the company said.

Eros further said post this sale and as of date, Eros Worldwide together with Eros Digital Pvt Ltd continues to own 60.47% of EIML. Eros International acquires, co-produces and distributes Indian films across different formats such as cinema, television and digital new media.

The company also owns the rapidly growing over-the-top (OTT) platform Eros Now. Shares of Eros International Media were trading 1.30% lower at Rs178.20 on the BSE.