Next Mediaworks Ltd approves preferential issue to promoter group entities

The Board of Directors of Next Mediaworks Ltd at its meeting held on July 07, 2014, has considered and approved the Issue, on a preferential basis, of upto 38,00,000 and upto 27,00,000 Equity Shares of Rs. 10/- each of the Company, to Ferari Investments & Trading Company Private Limited and Meridian Holding & Leasing Company Private Limited, respectively, both being entities belonging to the Promoter Group, on account of conversion of part of Unsecured Loan extended by them to the Company.

The pricing of Equity Shares proposed to be issued shall be in accordance with the SEBI Regulations for Preferential Issues. The Equity Shares proposed to be issued shall be subject to a lock-in as prescribed by SEBI Regulations for Preferential Issues.

The Preferential Issue of the Equity Shares shall be subject to necessary approvals of the Shareholders of the Company at the ensuing Annual General Meeting scheduled to be held on August 08, 2014, and any other regulatory authorities, if required and shall be in terms of the regulations / rules / guidelines issued by SEBI, the listing agreement with stock exchanges and other applicable provisions of the law.

Shares of NEXT MEDIAWORKS LTD. was last trading in BSE at Rs.8.6 as compared to the previous close of Rs. 8.24. The total number of shares traded during the day was 49054 in over 105 trades.

The stock hit an intraday high of Rs. 8.65 and intraday low of 8.26. The net turnover during the day was Rs. 423182.

Source : Equity Bulls

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