Eros International Media (Eros) shares rose almost 4 percent on the Bombay Stock Exchange (BSE) on Monday after the company announced a tie-up with a production house to launch remakes of Hindi films.
The share was trading at Rs. 211.75 at around 2.11 p.m. after hitting the day's high of Rs. 214.60 (up 3.88 percent) on the BSE.
In a regulatory filing, Eros said that it has entered into an agreement with producer Vashu Bhagnani's Puja Entertainment & Films Ltd. to acquire a 50 percent stake in his company.
"Under this joint venture, blockbuster hits of the 1990s, better known as the 'No 1' series including Hero No 1, Biwi No 1 and Coolie No 1 will be among the first of Vashu Bhagnani's films to be remade," Eros informed the BSE in its filing.
The company said this will strengthen its library of movies.
"As a studio, we want to continue developing prolific content and through this partnership with a seasoned expert like Vashu ji, who has produced some of the biggest Bollywood hits, we can present cinema at its entertainment best," Kishore Lulla, chairman of Eros, said in the filing.
A few days ago, Eros signed a deal with Zee Network to air its films on the channel.
"Movies that will be showcased exclusively on Zee Network include Riteish Deshmukh and Nargis Fakhri starrer Banjo, slated for a theatrical release onSeptember 23, the much acclaimed family drama Nil Battey Sannata, and the widely appreciated Aligarh starring Manoj Bajpayee and Rajkummar Rao. Apart from the recent releases, the license deal will give the channel access to Eros' blockbuster catalogue films like Housefull, Heyy Babyy, Cocktail, Vicky Donor, Omkara among others," Eros said in a statement last Friday.