Saregama 4:7 rights at Rs 45

The board of directors of Saregama India, which met today, has approved a rights issue to raise Rs 24 crore.

According to a release issued to the BSE today, the board has decided to issue rights shares in the ratio of four shares of Rs 10/- each for every seven shares of Rs 10/- each held at a premium of Rs 35 per share.

"The record date will be announced in due course," the release added.

The stock has zoomed 10% (Rs 13) to Rs 145 with a volume of over 2.5 lakh shares.