Saregama India Limited has taken a major strategic step to strengthen its footprint in the media and entertainment industry. The company’s Board of Directors has approved the execution of key transaction documents for a proposed investment in Bhansali Productions Private Limited (BPPL). The approval was granted on December 16, 2025.
About Bhansali Productions Private Limited
Incorporated on May 8, 2003, Bhansali Productions Private Limited is a well-established name in the Indian media and entertainment space. The company is actively involved in the creation, production, distribution, and monetization of long-form content, including feature films, web series, and music.
BPPL is promoted and led by Sanjay Navin Bhansali, one of India’s most renowned filmmakers, known for iconic projects such as Devdas, Padmaavat, and Gangubai Kathiawadi. For the financial year ended March 31, 2025, BPPL reported a turnover of ₹304.14 crore.
Strategic Rationale Behind the Investment
The proposed investment aligns with Saregama’s long-term growth strategy. It is expected to enhance Saregama’s presence in the video content segment while further consolidating its leadership in the music licensing business. Through the Music Rights Agreement (MRA) executed between the two companies, Saregama will gain access to new and premium music content produced by BPPL.
Transaction Structure and Investment Details
To formalize the transaction, Saregama has entered into an Investment Agreement (IA), a Shareholders Agreement (SHA), and the Music Rights Agreement (MRA) with BPPL.
In the initial phase, Saregama will subscribe to 9,960 Compulsory Convertible Preference Shares (CCPS) of BPPL for a total cash consideration of ₹325 crore. The initial closing of this transaction is expected to be completed on or before February 14, 2026.
Future Shareholding and Control Options
The investment is structured in multiple tranches. Upon conversion of the CCPS and subject to the 2028 Option, Saregama’s shareholding in BPPL is expected to be in the range of 28% to 49.9% on a fully diluted basis. Additionally, Saregama has the right—but not the obligation—to exercise the 2030 Option to acquire further equity, which could increase its stake to up to 51%, resulting in majority ownership.
Regulatory Clarification
The company has clarified that the proposed transaction does not constitute a related party transaction, ensuring compliance with applicable regulatory norms.