Sagar productions Limited board approves merger of Epuja Web solutions Private Limited

The Board of Directors of the Company, at its meeting held today i.e. July 16, 2020, have discussed and considered the proposal of the merger of Sagar productions Limited with Epuja Web solutions Private Limited.

Sagar Productions Limited is involved in the business of making, producing , exhibiting, distributing, renting, letting on hire and otherwise exploiting cinematograph and television films and motion pictures of all kinds , while acting as agents for the purchase, sale, hiring, and exploitation of such films and generally to manufacture, buy, hire, sell, let on hire, produce or otherwise deal in cinematograph, television and other films and video recordings and photographic or other apparatus, articles, plants and machinery. The Company also provides online and conventional facilities for prayers, rituals, rites, ceremonies, religious celebrations, and all other kinds of worship and expressions of faith, independently.

Epuja Web Solutions Private Limited is India's first online portal that offers access to religious ceremonies and remedy rituals across 3600 temples in India. Easy access to divine interaction and accountability of transactions differentiate ePuja's services including a wide network, online ecommerce facilitation and credibility. It strives to provide its customers with a high-quality, comprehensive and secure portal to help fulfill religious aspirations, where they can avail ceremonies conducted daily across 3600 temples in India akin to a One Stop Divinity Portal for their frequent, varied, vital services and religious requirements whenever and wherever they may need it.

This merger will be a development arm for the merged entity providing a wider customer base and an increment in market share along with diversification of services along with cost reduction in the long-term prospect of the business.

The Board has selected concerned persons from both the Companies to examine and evaluate the options to implement the aforementioned merger proposal, including appointment of valuers, merchant bankers, and other intermediaries to prepare and present a draft scheme and related documents, including the valuation report(s), fairness opinion, share swap ratio etc., to be placed before the Board within 4 weeks for its consideration & final approval.

Shares of Sagar Productions Limited was last trading in BSE at Rs.9.05 as compared to the previous close of Rs. 9.7. The total number of shares traded during the day was 367525 in over 164 trades.

The stock hit an intraday high of Rs. 9.95 and intraday low of 8.67. The net turnover during the day was Rs. 3350974.

Source : Equity Bulls

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