Saregama India to form JV with Australian company for Manufacture and Sale of Optical Media

Saregama India Ltd has announced that the Board of Directors of the Company at its meeting held on July 26, 2007 has approved in-principle for investing in a new joint venture Company incorporated in India alongwith Regency Media Pty Ltd., Australia, for manufacture and sale of Optical Media. Pursuant to the said joint venture, Regency Media Pty Ltd. will subscribe to 74% of the issued capital of the new joint venture Company and the Company shall subscribe to the balance 26% shares.

The stock closed on Friday at Rs.279, down by Rs.6.85 or 2.40%. The total traded quantity was 10049 compared to 2 week average of 6035. The stock hit an intraday high of Rs.294.90 and low of Rs.265.

Source : Equity Bulls

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