Reliance Industries Ltd. agreed to buy a 5% equity stake in Eros International Plc through a subsidiary for $15 per share, representing an 18% premium to last closing price.

The transaction is subject to customary regulatory and other approvals. Also, Reliance and Eros International Media Ltd. will equally invest up to about $150 million to produce and buy Indian films and digital originals across all languages, the companies said Feb. 20.

Jyoti Deshpande, group CEO and managing director of Eros, will be stepping down from her executive role after more than 17 years in Eros to head the media and entertainment business at Reliance Industries as president of the chairman's office.

Deshpande will start her role at Reliance Industries in April, but will continue to remain as a nonexecutive director on the board of Eros. Kishore Lulla will resume his position of group chairman and CEO of Eros.