The Anil Ambani Dhirubhai Group (ADAG) has scaled up its holding in the Kolkata-based music company Saregama India by a shade over 7 per cent to 12.25 per cent through a block deal.
Sonata Investments, an investment firm of the ADAG, bought 1.06 million shares, representing a 7.1 per cent stake, in Saregama on Tuesday from a foreign institutional investor, T Rowe Price International. Priced at Rs 250 a share, the deal is valued at Rs 26.5 crore. At the current market price, the company is valued at around Rs 450 crore.
However, industry sources said the acquisition might be a precursor to the Ambani group making a 20 per cent open offer by exceeding the 15 per cent level in the Goneka firm from open market purchase.
Sources close to Saragama said the promoters, the Goenka group, was confident of keeping any hostile takeover attempt at bay due to their 51 per cent shareholding in the company.
Read more in The Business Standard article.
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