Music Broadcast Ltd allots 89,69,597 NCRPS

Pursuant to the Scheme of Arrangement between Music Broadcast Limited ("the Company") and its shareholders under Sections 230 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 for issuance of Non-Convertible Non-Cumulative Redeemable Preference Shares ("NCRPS") to the non-promoter shareholders of the Company by way of Bonus ("Scheme"), approved by the Hon'ble National Company Law Tribunal, Mumbai Bench by its Order dated December 23, 2022 (certified true copy received on December 27, 2022).

The Bonus Committee of the Board of Directors of the Company at its meeting held today i.e Thursday, January 19, 2023 approved the allotment of 89,69,597 NCRPS, i.e 1 (One) NCRPS having a face value of Rs. 10 each at premium of Rs 90 each ("Bonus NCRPS") for 10 (Ten) fully paid up Equity Shares of face value of Rs. 2 each in accordance with the Scheme, to the Members holding equity shares as on Friday, January 13, 2023 ("Record Date").

The NCRPS are of face value of Rs 10/- each issued at the premium of Rs. 90/- per NCRPS ie, Rs 100 is the issue price of each NCRPS, which shall be redeemed after the period of 36 months from the date of allotment at the premium of Rs. 20/- each ie, redemption value of one (1) NCRPS is Rs. 120/-.

Shares of Music Broadcast Limited was last trading in BSE at Rs. 16.35 as compared to the previous close of Rs. 16.55. The total number of shares traded during the day was 84338 in over 413 trades.

The stock hit an intraday high of Rs. 17.10 and intraday low of 16.00. The net turnover during the day was Rs. 1392033.00.

Source : Equity Bulls

Keywords

MusicBroadcast INE919I01024 RADIOCITY NCRPS Bonus Allotment