Mumbai, Oct 6 (PTI) In its first day of trade on the BSE today, Eros International Media rose 8.6 per cent over its IPO issue price of Rs 175 a share.
On the Bombay Stock Exchange, Eros International started the day at Rs 213.35, registering a smart premium of 22 per cent over IPO issue price.
But profit booking at higher level shaved off some of the early gains and the scrip ended at Rs 190.05, up 8.6 per cent.
During the day, the stock zoomed 24 per cent to hit a high of Rs 217.70.
Bollywood megastar Shah Rukh Khan rang the opening bell of Eros. King Khan said he has no plans to list his production and distribution firm--Red Chillies Entertainment.
Shah Rukh Khan starred film ''Ra.One'' is being released under the Eros banner. Besides, SRK the company''s promoters-- Kishore and Sunil Lulla--were also present at the listing ceremony.
In a similar trend on the National Stock Exchange, Eros ended the day trade at Rs 189, up 8 per cent.
The global distribution company Eros International raised Rs 350 crore through its initial public offer that was priced in a range of 158-175 a share.
The IPO had garnered a robust response from investors and was oversubscribed 25.76 times. It was oversubscribed 80 times in the segment reserved for high networth individuals and in the retail portion by about 12 times.
After the listing ceremony, Eros Group Executive Chairman Kishore Lulla told reporters that the company has lined up a Rs 700 crore capex programme for the next two years.
This fiscal, Eros is all set to release about 7 to 8 big budget movies (above Rs 40 crore) such as ''Ra.One'', starring Shah Rukh Khan, and ''Agent Vinod'', with Saif Ali Khan, amongst others.
Source: http://news.in.msn.com/business/article.aspx?cp-documentid=4443529
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