Singapore sovereign fund Temasek Holdings' investment fund, Fullerton Fund Management, has bought stake in Indian film distributor Eros International Media Ltd to gain a foothold in the Indian movie industry.
Fullerton Fund has purchased 20 lakh shares in Eros International, which aggregates to 8.7% stake in the company on November 13. Mumbai-based Eros International started trading on the New York Stock Exchange on November 13, according to a filing by the company with the US Securities and Exchange Commission on November 25.
Calls to Fullerton and Eros did not elicit any response. Fullerton now holds 8.7% in Eros, valuing the stake at $22 million based on its current stock price.
During the year, Temasek invested S$128 million in producer of agricultural products Godrej Agrovet, while GIC has stated its plans to invest as much as S$600 million in Indian real estate.
Eros, the owner of the worlds largest library of Indian entertainment, is benefiting from the countrys growing middle class and increasing disposable income, according to a presentation on its website. The company went public on the New York exchange after being delisted on Londons Alternative Investment Market as it sought better valuations.
Eros International Media closed 0.83% down to R161.7 on the BSE on Wednesday.