Why Eros International Stock Took a Hit Thursday [The Motley Fool]
EROS INTL PLC (EROS)
Last eros intl plc earnings: 11/15 07:45 am
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Source: The Motley Fool
Why Eros International Stock Took a Hit Thursday What happened Shares of Eros International ( NYSE:EROS The stock's decline comes after the Indian entertainment company Image source: Getty Images. So what Under the agreement, Eros will generate $ million in gross proceeds from a direct offering of $7. million worth of senior convertible notes due in 00 with an institutional investor. "The Company intends to use the net proceeds for general corporate purposes," Eros said in a press release about the offering. Some investors may be disappointed in Eros' need for such a significant capital raise. Highlighting how material the offering is, the value of the capital raise is equal to more than 0% of Eros' market capitalization. Further, the equity-linked financing deal may come as a surprise to some investors, as Eros announced a $0 million share repurchase program just over three months ago, when management emphasized that it had a "strong financial position" and solid business fundamental
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