Eros International in limelight

Eros International is a show stealer today morning. The stock, which had closed yesterday at Rs.537.65,opened at Rs.590, going on to an intra day high at Rs.597.10. It is currently 7.5% up at Rs.578 levels.

This sudden interest on the counter is on unconfirmed reports that the company is in stages of advanced talks to sell a stake in its Eros Now streaming platform unit to Singapore-based Fullerton Fund Management. This deal, when completed is expected to put the value of Eros Now at around $800 million, with its huge 19 million subscriber base.

The news is that the company will be selling around 10% stake. Currently, Fullerton holds around 10% in Eros International and it does not plan to hike its stake in the parent company through Eros Now.