|
Saregama India and Digidrive Distributors have agreed to a scheme of arrangement effective from 12 July 2023. As part of the scheme, Digidrive Distributors, including its e-commerce distribution business and other non-core assets, will be demerged and transferred to the resulting company. In exchange, Digidrive Distributors will issue equity shares to the shareholders of Saregama India. Shareholders will receive 1 fully paid-up equity share of Rs 10 each in Digidrive Distributors for every 5 equity shares of Re 1 each held in Saregama India.
Following the allotment, the pre-scheme share capital of Digidrive Distributors held by Saregama India will be canceled, and Digidrive Distributors will no longer be a subsidiary of Saregama India. Open Media Network (OMNPL) will also cease to be a subsidiary of Saregama India.
The company will announce the record date for determining the eligible shareholders to receive equity shares of Digidrive Distributors. These equity shares will be listed on the BSE and the National Stock Exchange of India.
Saregama India, formerly known as The Gramophone Company of India, is a RPSG group company owning the largest music archives in India and one of the biggest in the world. The ownership of nearly 50% of all the music ever recorded in India also makes Saregama the most authoritative repository of the country's musical heritage. Saregama has also expanded into other branches of entertainment - film & series production, live events, and music-based consumer products.
On a consolidated basis, net profit of Saregama India rose 2.2% to Rs 49.28 crore on 15.1% rise in net sales to Rs 207.41 crore in Q4 FY23 over Q4 FY22.
|