Saregama India to raise funds up to Rs 75 crore

RP Sanjiv Goenka group’s music company Saregama India Thursday announced a plan to raise funds up to Rs 750 crore.

The funds would be raised through an additional issue of securities via options like private placement, preferential issue, public issue, or through qualified institutional placement, the company said in a regulatory filing.

The specific purpose of the fundraising was not disclosed. The board of directors decided to convene an extraordinary general meeting (EGM) of the company on October 19 to seek the nod of shareholders for the said plan.

Saregama India owns the largest music archive in the country. Saregama has also expanded into other branches of entertainment - publishing, film production, and digital content. It has a catalogue of more than 130,000 songs in 25 languages.