Shares of Saregama India Ltd. surged on Friday after it acquired a 51.8% stake in digital entertainment firm Pocket Aces Pictures Pvt. for Rs 174 crore.
It will acquire another 41% stake in the next 15 months at pre-agreed multiples. The transaction is an all-cash deal, according to an exchange filing on Thursday. Pocket Aces owns an intellectual property catalog of channels like FilterCopy, Gobble and Nutshell.
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Saregama's stock rose as much as 6.97% during the day to Rs 393.85 apiece. It pared gains to trade 0.19% lower at Rs 367.50 apiece, compared to a 0.34% advance in the benchmark NSE Nifty 50 as of 11.10 a.m.
It has fallen 0.29% on a year-to-date basis. The total traded volume so far in the day stood at 8.9 times its 30-day average. The relative strength index was at 41.
Two analysts tracking Saregama maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 17.1%.
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