Saregama India Ltd on Tuesday announced a strategic investment in Bhansali Productions Pvt Ltd (BPPL), promoted by filmmaker Sanjay Leela Bhansali, through a Rs 325-crore subscription to compulsory convertible preference shares (CCPS).

The company will subscribe to 9,960 CCPS of BPPL, with the transaction expected to complete by February 14, 2026, subject to customary conditions. Post conversion, Saregama’s stake in BPPL could range from 28% to 49.9% by 2028, with an option to increase holdings to 51% by 2030 through multiple tranches.

Under the deal, Saregama will also acquire ownership of all music created and produced by BPPL, bolstering its music licensing business and expanding its presence in video content.

BPPL, established in 2003, produces and monetises feature films, web series, and music content. Its turnover surged to Rs 304.14 crore in FY’25 from Rs 5.52 crore in FY’24 and Rs 7.91 crore in FY’23. Notable films include Hum Dil De Chuke Sanam, Devdas, Ram-Leela, Bajirao Mastani, Padmaavat, and Gangubai Kathiawadi, along with Netflix hit Heeramandi.