Saregama Acquisition of Bhansali Productions to Expand Music and Video Business

Saregama India Limited has approved the acquisition of Bhansali Productions Private Limited (BPPL) for INR 325 Crores. This investment aims to strengthen Saregama’s leadership in the music licensing business and expand its presence in the video business. The acquisition involves subscribing to compulsory convertible preference shares and further equity acquisition in multiple tranches. This strategic move is expected to enhance Saregama’s position in the media and entertainment sector.

Strategic Investment in Bhansali Productions

Saregama India Limited has greenlit the acquisition of Bhansali Productions Private Limited (BPPL), marking a significant step to enhance its foothold in the music and video segments. The decision was made during a board meeting held on December 16, 2025.

Key Elements of the Acquisition

The acquisition involves several key agreements and transactions:

• Investment Agreement (IA): Sets the terms for Saregama’s subscription of 9,960 compulsory convertible preference shares (CCPS) in BPPL for a consideration of INR 325 Crores, along with future equity acquisitions.
• Shareholders Agreement (SHA): Defines the rights and obligations between Saregama, BPPL, and Sanjay Navin Bhansali.
• Music Rights Agreement (MRA): Transfers ownership of all music rights created and produced by BPPL to Saregama.

Expected Benefits

This strategic investment is anticipated to reinforce Saregama’s dominance in the music licensing arena and significantly broaden its involvement in the video business. This acquisition is poised to provide new content and revenue streams for Saregama.

Financial Details and Timelines

The turnover of BPPL for the financial year ending March 31, 2025, was reported as INR 304 Crore. The acquisition of securities will occur in multiple tranches:

• Subscription to CCPS is expected by February 14, 2026.
• Conversion of CCPS and further equity subscription (to maintain at least 28% shareholding) will occur within 60 days of finalizing audited financials for the period ending September 30, 2028.
• Acquisition of further equity (to reach up to 51% shareholding) will be within 60 days of finalizing audited financials for the year ending March 2030.

Background of Bhansali Productions

Bhansali Productions Private Limited was incorporated on May 8, 2003, and engages in creating, producing, and distributing long-form content. The last three years turnover of Bhansali Productions Private Limited (based on audited financials):

Source: BSE