Saregama India Limited has refuted recent media reports suggesting its interest in acquiring a majority stake in Dharma Productions. In a clarification to the National Stock Exchange of India (NSE) today, the company stated that there is currently no material event or information requiring disclosure under SEBI regulations.
The shares of Saregama India Limited were trading at ₹638.70 up by ₹54.90 or 9.4 per cent on the NSE today at 3:15 pm.
The music and entertainment company was responding to an NSE query regarding a news item titled “Amid box office jitters, Saregama eyes majority stake in Dharma Productions” published by Business Standard. Saregama acknowledged that it routinely evaluates strategic opportunities for business growth and expansion but emphasized that any significant developments would be disclosed in compliance with applicable laws.
The clarification aims to address speculation and maintain transparency with investors and regulatory authorities.