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Next Mediaworks, a BSE-listed company, saw its share price rising sharply to ₹12.62 on Monday from ₹8.55 on June 16 on news of investor Rakesh Jhunjhunwala investing ₹25 crore in the company.
Trading volume also jumped manifold to 94,779 shares on Monday from 9,867 shares on June 16.
In an exchange filing, Next Mediaworks said its board of directors had decided to raise about ₹115 crore for migrating the existing radio licences from Phase II to Phase III, besides participating in the auction of new licenses.
Of this, ₹80 crore would be raised through debt and the remaining ₹25 crore by issuing equity/convertible preference shares to Rakesh Jhunjhunwala/ Rekha Jhunjhunwala or their associates.
The company’s board also approved the proposed capital reduction through cancellation of approximately 68 shares out of every 100 shares held (subject to High Court approval) against the accumulated losses.
The board also approved pledging a part of the shareholding to raise funds, giving corporate guarantee and creating a charge on the company’s property to secure the funds raised, besides conducting a postal ballot for shareholder approval.
The board re-appointed Tarique Ansari as Managing Director for three more years, besides appointing Mandar Godbole as Company Secretary and Compliance Officer.
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