MUMBAI: Eros International, the India unit of Eros International Plc, has firmed up nine anchor investors including Reliance Mutual Fund, IDFC and Blackstone, a source familiar with the development said.

The anchor investors would take up Rs 690 million as Eros proposes to raise Rs 3.5 billion through a public float in India.

The initial public offering (IPO) issue starts on 17 September and closes on 21 September.

India Capital Fund is the other name floating around, the source added.

Eros is expected to post a net profit of Rs 1.1 billion in FY‘11, up from Rs 827.95 million a year ago, making it the most profitable Indian movie company. Analysts project the net profit to touch Rs 1.5 billion in FY‘12 if things go down well with the company.

The pure play movie company reported a revenue of Rs 6.55 billion in FY‘10 compared to UTV Motion Pictures‘ topline of Rs 3.15 billion. "It is easily the largest film company in terms of revenue. It has a proven track record but in the movie world nothing can be predictable," a market analyst said.

Eros has fixed the price band of its IPO between Rs 158-Rs 175 a share.

The Aim-listed Eros International Plc has a market cap of Rs 21.94 billion (304.33 million GBP). It plans to shift to London‘s main bourse after completing its India listing.