"With 870 million mobile subscribers (including over 60 million internet enabled smart phones) in India as of year-end 2013, this is an exciting space for us," Eros CEO Jyoti Deshpande said.
Film entertainment firm Eros International Media today said it has signed an agreement to acquire a controlling stake in mobile value added services provider Universal Power Systems Private Ltd (Techzone) for an undisclosed sum.
Commenting on the deal, Eros CEO Jyoti Deshpande said: "Techzone will be a strong addition to our ErosNow strategy where content meets technology and distribution...we expect this deal to complement our existing ErosNow service." "With 870 million mobile subscribers (including over 60 million internet enabled smart phones) in India as of year-end 2013, this is an exciting space for us," she added.
The transaction is subject to customary closing conditions and execution of definitive agreements, the company said in a statement. "Established in 1999 Techzone is an aggregator, developer and distributor of entertainment content via mobile platforms in India. Techzone is particularly focused on the Bollywood films and music markets and has significant region-specific content in Tamil and Telugu," it added.
Also Read: Eros International Q4 net up 30.22% at Rs 41.4cr
Eros Intl stock price
On June 09, 2014, Eros International Media closed at Rs 229.70, down Rs 0.05, or 0.02 percent. The 52-week high of the share was Rs 237.00 and the 52-week low was Rs 106.50.
The company's trailing 12-month (TTM) EPS was at Rs 12.36 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 18.58. The latest book value of the company is Rs 96.75 per share. At current value, the price-to-book value of the company is 2.37.
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