Saregama India board OKs 10-for-1 stock split

24 Feb 2022 , 03:28 PM

The companys board proposed to split equity shares of face value of Rs 10 each into equity shares of face value of Re 1 each (10:1) (i.e. sub-division of existing one equity share of face value of Rs 10 each fully paid up into ten equity shares of Re 1 each fully paid).

The company aims to improve the liquidity of the companys shares in the stock market and to make it affordable to the small retail shareholders as also to broad base the small retail shareholders.

On a consolidated basis, the companys net profit rose 37.43% to Rs 43.40 crore on 12.27% increase in net sales to Rs 150.34 crore in Q3 December 2021 over Q3 December 2020.

Saregama India owns the largest music archives in India, one of the biggest in the world. The ownership of nearly 50% of all the music ever recorded in the India also makes Saregama the most authoritative repository of the countrys musical heritage. Saregama has also expanded into other branches of entertainment – publishing, film production and digital content.

Shares of Saregama India was locked in a lower circuit of 5% at Rs 3,865.40 on BSE.

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