Saregama India Limited has received board approval to acquire Bhansali Productions Private Limited (BPPL). The acquisition includes the subscription of 9,960 compulsory convertible preference shares in BPPL for INR 325 Crores. This strategic move aims to reinforce Saregama’s leadership in music licensing and expand its presence in the video business.
Strategic Investment in Bhansali Productions
Saregama India Limited has announced the approval for the acquisition of Bhansali Productions Private Limited (BPPL). The decision was made during a board meeting held on December 16, 2025. This acquisition is poised to enhance Saregama’s position in the music and video sectors.
Key Elements of the Acquisition
The acquisition involves several key agreements:
- Investment Agreement (IA): Sets the terms and conditions for the subscription of 9,960 compulsory convertible preference shares (CCPS) in BPPL by Saregama for a consideration of INR 325 Crores. It also covers the future acquisition of additional equity securities of BPPL in multiple tranches.
- Shareholders Agreement (SHA): Defines the rights and obligations of Saregama, BPPL, and Sanjay Navin Bhansali as shareholders in BPPL.
- Music Rights Agreement (MRA): Governs the acquisition of ownership of all BPPL’s rights in the music created and produced by BPPL.
Financial Details and Future Steps
The acquisition of securities by Saregama in BPPL will occur in multiple phases:
- Subscription of CCPS: Expected to be completed on or before February 14, 2026, unless extended.
- Conversion of CCPS and further equity subscription: Anticipated within 60 days of finalizing the audited financial statements for the period from April 1, 2028, to September 30, 2028. This will allow Saregama to maintain at least 28% shareholding.
- Additional Equity Acquisition: To reach an aggregate shareholding of up to 51%, within 60 days of finalizing audited financial statements for the year ending March 2030.
BPPL Overview
Bhansali Productions Private Limited, incorporated on May 8, 2003, is involved in media and entertainment. Their revenue for the financial year ending March 31, 2023, was INR 7.91 Crore and for year ending March 31, 2024 was INR 5.52 Crore and for year ending March 31, 2025 was INR 304.14 Crore. Sanjay Navin Bhansali is the director and promoter. BPPL is involved in content creation, production, and distribution of long-form content.
Source: BSE