Saregama India board OKs raising upto Rs 750 cr

Saregama India on Thursday announced that its board has approved raising of funds by issuing securities, for an aggregate amount not exceeding Rs 750 crore.

The securities would be issued by way of private placement or preferential issue or public issue or through any other permissible mode and/or combination thereof, including by way of qualified institutions placement.

The board has also approved appointment of Deepak Jain as interim chief financial officer of the company from the date hereof till such date when the chief financial officer who is currently on medical leave, resumes office.

Further, the board of directors decided to convene an extraordinary general meeting (EGM) of the company on Tuesday, 19 October, 2021, to seek shareholder nod for the said fund-raising plan.

Saregama India owns the largest music archives in India, one of the biggest in the world. Saregama has also expanded into other branches of entertainment - publishing, film production and digital content.

The company's consolidated net profit surged 72.6% to Rs 27.19 crore in Q1 FY22 from Rs 15.75 crore in Q1 FY21. Net sales during the quarter increased by 37.2% YoY to Rs 104.96 crore.

The scrip fell 1.88% to currently trade at Rs 4100 on the BSE.

Shares of Saregama India advanced 2.77% in early trade to hit a record high of Rs 4,294 in trade today. The stock has zoomed 686.87% to currently trade Rs 4100 apiece, from its 52-week low of Rs 521.05 hit on 24 September 2021.

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