Music Broadcast hits upper circuit after board announces bonus issue of NCRPS

The issue price will be Rs100 per share, including a premium of Rs90 and face value of Rs10.

Oct 23, 2020 01:10 IST India Infoline News Service

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Shares of Music Broadcast hit 20% upper circuit after its board recommends issuance of 1 bonus non-convertible, non-cumulative redeemable preference share for every 10 equity shares held by non-promoter shareholders.

The issue price will be Rs100 per share, including a premium of Rs90 and face value of Rs10. The total issue size will be worth Rs90 crore, and the coupon rate for the same will be 0.1%.

The issue price is Rs100 per share translating to the total issue size of Rs89.69cr.

The NCRPS will be redeemed on the expiry of 36 months from the date of allotment, the company said. The record date is to be determined in due course. The redemption price has been fixed at Rs120.

The company posted a net loss of Rs6.49cr in Q2 September 2020 compared with a net profit of Rs18.51cr in Q2 September 2019. The company’s net sales slipped by 52% to Rs30cr in Q2 September 2020 over Q2 September 2019.

Music Broadcast Ltd is currently trading at Rs21.35, up by Rs3.55 or 19.94% from its previous closing of Rs17.80 on the BSE.

The scrip opened at Rs21.35 and has touched a high and low of Rs21.35 and Rs19 respectively.

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