Saregama India Ltd board approves fund raising of Rs. 750 crore

The board of directors of Saregama India Ltd at its meeting held today i.e. Thursday, 16th September 2021, have approved proposal for raising of funds by further issue of securities 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, for an aggregate amount not exceeding Rs. 750 Crore, in accordance with applicable laws and subject to appropriate sanctions, permission and approvals including shareholders' approval and statutory and regulatory approvals, as may be required.

The Board of Directors of the Company has decided to convene an extra ordinary general meeting ('EGM') of the Company on Tuesday, 19th October, 2021, at 11 am [through Video Conferencing / Other Audio Video Means ("VC/OVAM") facility,] in order to seek the approval of the Shareholders of the Company for raising of funds and has approved the draft of the notice for same.

The board also approved the appointment of Mr. 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.

Shares of Saregama India Ltd. was last trading in BSE at Rs. 4183.95 as compared to the previous close of Rs. 4111.85. The total number of shares traded during the day was 3107 in over 540 trades.

The stock hit an intraday high of Rs. 4234.6 and intraday low of 4066.85. The net turnover during the day was Rs. 12795008.

Source : Equity Bulls

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