The said acquisition will result in Saregama India holding nearly 51.82 per cent stake in Pocket Aces for Rs 174 crore.
The next acquisition of the music label will be primary subscription of 25,974 shares of Pocket Aces worth Rs 15 crores that will increase Saregama Ltd’s stake in Pocket Aces Pictures to 92.61 per cent.
“Acquiring Pocket Aces will add on a whole new dimension of IP and a distribution network of over 95 million followers, which Saregama will leverage to further popularize its music library among the 18-35 audience segment,” said the company.
Saregama India Limited has said that the first tranche of the acquisition is expected to be completed within 2 months from now while the subscription of additional equity shares is expected to be settled within 2 months from the completion of the acquisition of first tranche.
Saregama India Limited quarter results ending June 2023 said it earned a revenue of Rs 162.14 with net profit being Rs 433.20.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Basant Kasayap is an entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to Bollywood to regional cinema, she offers readers an insider’s perspective on the world of movies, music, and pop culture.
