As the primary markets in India revive, two entertainment firms listed on London's Alternate Investment Markets (AIM) are going ahead with issues of their Indian subsidiaries. 

Eros International Plc said in a filing today that it plans to list Eros International Media Limited, its wholly-owned subsidiary company in the country. Eros, a Bollywood films distributor, has appointed Enam, Kotak and RBS as bankers and expects to complete the issue by March next year.

Animation and game art company DQ Entertainment has announced its plans to list in India and has already filed its DRHP with market regulator SEBI. The Hyderabad-based firm is looking to dilute a 25% stake and is also looking for a pre-IPO placement of shares.

DQ had raised private equity funding from players like India Value Fund and Peepul Capital, who exited after the firm's AIM listing in 2007. The firm was able to raise around $56 million through the AIM issue.

Eros is looking to sell up to a 25% stake in the Indian units IPO. The company recently appointed A.P. Parigi as Group CEO for India and will also appoint Naresh Chandra as the Non-Executive Chairman of the Indian Board. Eros said that it saw a strong second quarter along with its expectations.

"Given the strong release schedule and anticipated cash generation in the second half, net debt is expected to show a material reduction by the financial year-end," said Eros in a statement.

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