Saregama India Limited, India’s oldest music label company, announced that it will acquire 6.61 lakh shares of Pocket Aces Pictures Private Limited at a value of Rs 174 crores through secondary acquisition, said the company through its exchange filing.
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 crore with net profit being Rs 43.3 crore.
Source: Economic Times