Reliance Capital acquires 6.82% stake in Saregama India

Financial services major Reliance Capital on Monday acquired 6.82% stake in popular music publishing label Saregama India for Rs 43.17 crore through open market transactions.

According to bulk deals data available with BSE and NSE, the Anil Ambani-led Reliance Group firm acquired 11,88,000 shares, or 6.82% stake, in Saregama India. While, 7,65,000 shares were bought at an average price of Rs 364 on BSE, 4,23,000 shares were bought on NSE.

On National Stock Exchange, the shares were acquired at an average price of Rs 362.37.

Meanwhile, in separate transactions, Payone Enterprises Pvt Ltd reduced its stake in the RP Sanjeev Goenka Group firm by selling 7.26% stake for Rs 46 crore. On BSE, Payone Enterprises sold 7,99,877 shares, or 4.59% stake, while on NSE, it sold 4,64,582 shares.

As of September 2015, Payone Enterprises held 7.32% stake in the company.

Formerly known as The Gramophone Company of India Ltd and more popularly as HMV (His Master'sVoice), Saregama was established as the first overseas Indian branch of Electrical & Musical Industries Limited (EMI), London.

The company claims to be custodian of over half of all the music ever recorded in the country. Recently, the firm has put up its entire library of 1.10 lakh songs in 14 languages online for free streaming.
Shares of Saregama India Ltd today closed 1.28% up at Rs 364.40 apiece on BSE.