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Next Mediaworks' arm raises funds for migration of licenses

By Religare
|

Leading media company, Next Mediaworks has said that its subsidiary, Next Radio Limited ("NRL") has successfully completed the raising of funds for the purpose of migration of NRL's existing licenses from Phase II to Phase III through a combination of debt from bank and private equity funding.

"The company's subsidiary viz. Next Radio Limited ("NRL") has successfully completed the raising of funds for the purpose of migration of NRL's existing licenses from Phase II to Phase III through a combination of debt from bank and private equity funding," the company said in a filing to the Bombay Stock Exchange.

 

NRL has availed the private equity funding for an amount of Rs 25 Crores from Rakesh Jhunjhunwala and the Board of NRL has approved allotment of 25,000,000, 0.001 per cent Cumulative Compulsorily Convertible Preference Shares of face value of Rs. 10/- (Rupees Ten Only) each at par, to Rakesh Jhunjhunwala.

Meanwhile, shares of the company were trading at Rs 14.04 a piece, up 19.98 per cent from the previous close at 10:09 hours on BSE.

Story first published: Tuesday, September 22, 2015, 12:20 [IST]
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