Reliance Industries Limited (RIL) and Eros International PLC (Eros) announced that RIL, through a subsidiary, has agreed to subscribe to a 5% equity stake in Eros at a price of $15.00 per share, which represents an 18% premium to last closing price. The transaction is subject to customary regulatory and other approvals. In addition, it was announced that Ms. Jyoti Deshpande, Group CEO and MD of Eros will be stepping down from her Executive role after more than 17 years in Eros and move on to head the Media and Entertainment business at RIL as President of the Chairman's Office.

Ms. Deshpande will start her role at RIL from April 2018, but will continue to remain as a Non-Executive Director on the Board of Eros. Mr. Kishore Lulla will resume his position of Group Chairman and CEO of Eros.