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Reliance Capital buys 6.83% stake in Saregama for Rs 43.17 cr

MUMBAI: Anil Ambani-promoted financial services major Reliance Capital has bought 11,88,000 shares, or 6.83 per cent stake, in Indian music label Saregama India for Rs 43.17 crore (Rs 431.7 million) through open market transactions.

Reliance Capital has bought 7,65,000 shares on the BSE at an average price of Rs 364. On the NSE, the company bought 4,23,000 shares at an average price of Rs 362.37.

Meanwhile, Payone Enterprises has sold 12,64,459 shares in the music label for Rs 46 crore (Rs 460 million). It sold 799877 shares on the BSE at an average price of Rs 364.23 while on the NSE it sold 4,64,582 shares at an average price of Rs 363.05.

Saregama claims to be the custodian of over half of all the music ever recorded in India. Formerly known as The Gramophone Company of India Ltd. and more popularly as HMV (His Master’s Voice), Saregama was established as the first overseas Indian branch of Electrical & Musical Industries Ltd (EMI), London.

It has evolved into a leading entertainment content company by venturing into the production of cinema and television content, digital retailing, aggregation, radio programming and events.

In April, the company had launched free music streaming service by putting its entire library of over 1.1 lakh songs on the platform. While users can listen to all the tracks by sampling them for free, they are required to pay Rs 9 per song for downloading a song.