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Tips unit gets Yaadein overseas rights

A subsidiary of Indian music firm Tips Industries has acquired the overseas distribution rights for Mukta Arts' soon-to-be released movie Yaadein, the Bombay Stock Exchange said on Monday.

Raju Hingorani, chief executive officer of Tips, said that the movie industry valued the rights at $3.5-$4.5 million, although he declined to reveal how much wholly owned subsidiary Dashmesh International had paid for them.

Tips had earlier bought the domestic music rights of Yaadein for Rs 6.5 million, the highest amount ever paid for a Bollywood film's music, and had paid an additional $350,000 for the overseas music rights.

Mukta Arts' shares has been rising in anticipation of revenue from the distribution rights for Yaadein.

The firm's share price rose 46 per cent between May 3 and June 22 in a falling market.

Yaadein, made by veteran film-maker Subhash Ghai, is widely expected to be a blockbuster.

Mukta's shares were 1.8 per cent down at Rs 147.400 on the Bombay Stock Exchange in Monday afternoon trading, while Tips' shares were 5.32 per cent down at Rs 71.15.

The Sensex was down 1.61 per cent.

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