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This Multibagger Entertainment Stock Hits 5% Upper Circuit: Check Why


Shares of Saregama India hit 5% upper circuit of Rs. 4597.4 apiece on the NSE. This is following the company's announcement that its board has given a nod to the de-merger of e-commerce distribution business into a new entity, Digidrive Distributors.

This Multibagger Entertainment Stock Hits 5% Upper Circuit: Check Why

The company in an exchange filing today informed "that the Board of Directors of the Company ("the Board") at its meeting held today, i.e. 30th March, 2022, has considered and approved the Scheme of Arrangement between the Company and Digidrive Distributors Limited ("Resulting Company") and their respective shareholders and creditors, which inter alia provides for the demerger, transfer and vesting of the Demerged Undertaking (as defined in the Scheme) from the Company into the Resulting Company, on a going concern basis, and in consideration thereof".

The company shall completely demerge its total distribution business concerning sale of physical products such as Carvaan together with non-core assets.

Further there arises no cash consideration liability under the proposed demerger. For every single share of Saregama, existing shareholders will get 2 fully paid up equity shares of Digidrive.
The shares of Digidrive Distributors will be listed on both the BSE and NSE.

Story first published: Wednesday, March 30, 2022, 19:05 [IST]
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