Top filmmaker Karan Johar has been negotiating to sell off stake in his Dharma Productions for some time. Top music label Saregama and Indian billionaire businessman Mukesh Ambani have been in the race. In a surprising development, Karan Johar sold off 50 percent stake in Dharma Productions to Serene Productions owned by Adar Poonawalla. They have released an official statement about the same together.

“Adar Poonawalla led Seene Productions today announced that it has entered into a binding agreement to invest Rs 1000 crores into Karan Johar’s Dharma Productions and Dharmatic Entertainment, India’s leading production house. Through this investment, Serene Productions will hold a 50 percent stake in Dharma, with Karan Johar retaining the remaining 50 percent ownership. Karan Johar as the Executive Chairman will spearhead the company’s creative vision while Apoorva Mehta, in his role as the Chief Executive Officer, will work with Karan in steering the strategic direction and overseeing the operational excellence of the organization “, said the official statement.

Karan Johar has been in financial stress and he has been seeking investors to start new projects. Bollywood too has witnessed a huge surge in the theatrical revenues and several top production houses are in a stress along with a lot of confusion. At this time, Karan Johar decided to sell the stake to invest big on his new films.