Eros International Media shares surged over 4 per cent on Monday after it announced a strategic alliance with Vashu Bhagnani’s Puja Entertainment and Films Ltd.
At 1.57 pm, Eros shares were trading 2.94 per cent up at Rs 212.10. The scrip opened at Rs 209.90 and has touched a high and low of Rs 214.60 and Rs 209.50, respectively, in trade so far. Later, the scrip closed 2.43 per cent up at Rs 211.05.
The company said in a BSE release, “Eros International Media Limited has announced a strategic alliance with veteran producer Vashu Bhagnani by signing a term sheet to acquire a 50 per cent stake in his film company, Puja Entertainment and Films Ltd, one of the most reputed production houses in India that owns a valuable library of films with great franchise value.” It however did not disclose any financial details of the agreement.
Eros Chairman Kishore Lulla said: “As a studio, we want to continue developing prolific content.”
Puja Entertainment Chairman Vashu Bhagnani said: “Puja films has been in the movie making business for the past 20 years and it is crucial to partner with a global player like Eros to continue making meaningful and profitable cinema.”