Saregama India climbs 6% on Reliance Capital stake buy
The stock climbed 6.5 per cent to hit a high of Rs 388.10 on BSE. Yet it is down 23.75 per cent from its 52-week high of Rs 509 hit on August 10.
By ET Online | Updated:
NEW DELHI: Shares of Saregama India climbed over 6 per cent in Tuesday's trade after Reliance Capital acquired a 6.82 per cent stake in the popular music publishing label for Rs 43.17 crore through open market transactions on Monday.
The stock climbed 6.5 per cent to hit a high of Rs 388.10 on BSE. Yet it is down 23.75 per cent from its 52-week high of Rs 509 hit on August 10.
Data available on the BSE website showed Reliance Capital bought 7,65,000 shares of Saregama on Monday at Rs 364 apiece. The company also bought an additional 4,23,000 Saregama shares for Rs 362.37 apiece on NSE during the day.
Payone Enterprises, the only firm with public holding of more than 5 per cent in the company, on the other hand, has sold 79,9877 shares for Rs 364.23 apiece on BSE and 4,64,582 for Rs 363.05 apiece on NSE.
The Goenka-led company has reduced its stake in the RP Sanjeev Goenka Group firm by selling 7.26 per cent stake for Rs 46 crore.
The company had 7.32 per cent stake in the company as of September 30. Saregama recently put up its entire library of 1.10 lakh songs in 14 languages online for free streaming.
The stock climbed 6.5 per cent to hit a high of Rs 388.10 on BSE. Yet it is down 23.75 per cent from its 52-week high of Rs 509 hit on August 10.
Data available on the BSE website showed Reliance Capital bought 7,65,000 shares of Saregama on Monday at Rs 364 apiece. The company also bought an additional 4,23,000 Saregama shares for Rs 362.37 apiece on NSE during the day.
Payone Enterprises, the only firm with public holding of more than 5 per cent in the company, on the other hand, has sold 79,9877 shares for Rs 364.23 apiece on BSE and 4,64,582 for Rs 363.05 apiece on NSE.
The Goenka-led company has reduced its stake in the RP Sanjeev Goenka Group firm by selling 7.26 per cent stake for Rs 46 crore.
The company had 7.32 per cent stake in the company as of September 30. Saregama recently put up its entire library of 1.10 lakh songs in 14 languages online for free streaming.
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