Shares of music label company Saregama India rose by almost 6.5% on the stock exchanges on Tuesday after news trickled in that Reliance Capital had acquired a 6.82% stake in the company on Monday for about Rs 43 crore in two open-market transactions.
The share opened at Rs 371 and rose up to Rs 388, and was trading at Rs 368 at around 12:45 pm.
Bulk deal details available reveal that the Anil Ambani Group company acquired 7.65 lakh shares on the BSE and 4.23 lakh shares on the NSE for Rs 364 and Rs 362.37 per share, respectively.
The seller was Payone Enterprises on both the exchanges.
The RP Sanjiv Goenka Group company had a turnover of Rs 107.77 crore and net profit of Rs 5.22 crore for the first half of the current financial year.
Saregama India, formerly The Gramophone Company of India, was incorporated in 1946 and taken over by the RPG group in 1985 from EMI, UK.
Meanwhile, the S&P BSE Sensex was trading at 26,016.46, down 17.67 points, or 0.07% at 12.45 pm.
The NSE was trading at 7,909.35, down 15.80 points.
Bajaj Auto, NTPC, M&M and GAIL (India) were the major gainers.