Saregama India To Acquire 51% Stake In Bhansali Productions, Secures Music Rights

Kolkata: Saregama India Ltd on Tuesday said its board has approved a strategic investment in filmmaker Sanjay Leela Bhansali-promoted Bhansali Productions Pvt Ltd (BPPL) through a Rs 325-crore subscription to compulsory convertible preference shares.

The company said it will subscribe to 9,960 compulsory convertible preference shares (CCPS) of BPPL, which would be completed by February 14, 2026, subject to customary conditions precedent. Post conversion of the CCPS, Saregama India's shareholding in BPPL is expected to range between 28 per cent and 49.9 per cent on a fully diluted basis by 2028, with an option to acquire additional stake in multiple tranches, leading to 51 per cent by 2030, it said.

As part of the transaction, Saregama India will also acquire ownership of all music created and produced by BPPL, strengthening its position in music licensing and expanding its presence in the video business, the company said in a regulatory filing. BPPL, incorporated in 2003, is engaged in the creation, production and monetisation of feature films, web series and music content. It reported a turnover of Rs 304.14 crore in FY'25, a sharp jump from Rs 5.52 crore in FY'24 and Rs 7.91 crore in FY'23.

BPPL has delivered Bollywood films such as Hum Dil De Chuke Sanam, Devdas, Ram-leela, Bajirao Mastani, Padmaavat, Gangubai Kathiawadi and Netflix hit Heeramandi. With over 10 films planned in three years, BPPL's upcoming slate includes Love and War, directed by Sanjay Leela Bhansali and starring Ranbir Kapoor, Alia Bhatt and Vicky Kaushal, and Do Deewane Shehar Mein, directed by Ravi Udyawar, starring Siddhant Chaturvedi and Mrunal Thakur, a statement said. 

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