Indian movie distributor Eros International Media Ltd said on Wednesday it has set a price band of 158 rupees to 175 rupees for its initial public offering to raise as much as 3.50 billion rupees.

The company, a wholly-owned subsidiary of Eros International Plc, plans to use the proceeds of the offering to acquire and co-produce Hindi and other regional films.

Eros International Media owns rights to over a thousand films, a company official said.

"Content library is the key competitive advantage we have. It is the crown jewel of our Indian business and we will monetize it in times to come," Jyoti Deshpande, executive director, told reporters.

Enam Securities Private Ltd, Kotak Mahindra Capital Co Ltd, Morgan Stanley India Co Private Ltd and RBS Equities (India) Ltd are lead book running managers of the offering, which will open on Sept. 17 and close on Sept. 21.

For anchor investors the book opens on Sept 16, one of the bankers said.

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