Saregama Shares Skyrocket By Over 9% After Reports Of Acquisition Of Karan Johar's Dharma Productions Emerge

RP-Sanjiv Goenka Group-owned Saregama India Ltd is having a field day on Dalal Street on Tuesday, October 8. The entertainment company's shares found new heights on the day, surging past 9 per cent in the intraday trade.

Saregama To Buy Dharma?

This new development came to pass after reports emerged claiming that popular Bollywood director Karan Johar's Dharma Productions will soon be acquired by Saregama. This was initially reported by the publication, Business Standard.

It is being reported that Dharma Productiosn has been witnessing a decline in its prospects. In addition, recently the Johar-led production also put a halt on all the pre-release screenings of its upcoming films.

It is being said that Dharma Production has been suffering a drop in its prospects. The Johar-led company has also lately stopped all pre-release viewing of its planned projects.

The Sanjiv Goenka-led conglomerate's Saregama Ltd. recently issued a statement on the matter through an exchange filing.

In the statement entitled Clarification on news item appearing in “Mainstream Media”. The media house stated, Dear Sir/Madam, This is in reference to the email dated 7 th October, 2024, received from your good office, seeking clarification on a News item captioned “Amid box office jitters, Saregama eyes majority stake in Dharma Productions” appearing in “https://www.businessstandard.com”.

Company Issues Statement

Furthermore, clarifying in the matter, the statement read," We would like to clarify that:

1. The Company evaluates various strategic opportunities in the ordinary course, for growth and expansion of its business. At this stage, there is no material event/information that requires disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’). The Company will make appropriate disclosures in compliance with applicable laws, as and when required.

2. We further submit that the Company has been regularly making disclosures as required under Regulation 30 of the SEBI Listing Regulations from time to time as required."

Saregama Shares

The company shares were roaring in the early hours of the day's trade on Tuesday. At 10:47 IST, Saregama shares blasted off by a mammoth 9.05 per cent or Rs 52.85. This took the overall value of the company shares to Rs 636.65 per share.