Eros Media World agrees to pay overdue interest to thousands of investors after falling behind on payments owed to British bondholders
Bollywood giant Eros Media World has agreed to pay overdue interest to thousands of investors after The Mail on Sunday revealed last week that the Indian film group was months behind on payments owed to British bondholders.
The company, run by the wealthy Lulla family, raised £50 million on the London Stock Exchange bond market in 2015, offering investors 6.5 per cent annual interest.
Late: Bollywood giant Eros Media World has agreed to pay overdue interest to thousands of investors
Payments were later raised to 8.5 per cent when Eros asked if it could pay back the bonds in 2023 rather than 2021.
But the firm failed to pay interest due back in October. Days after the MoS highlighted concerns, Eros said it would pay bondholders what they are owed.
However, many savers are worried they will not receive their money back when the bond is due for repayment in full in April.
Eros said in a Stock Exchange announcement that it is ‘exploring strategic options in order to secure a successful future for the company and to build value for all stakeholders’.