Next Mediaworks subsidiary - Next Radio (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.
NRL has availed the private equity funding for an amount of Rs 25 crore from Rakesh Jhunjhunwala and the board of NRL has approved allotment of 25,000,000, 0.001% Cumulative Compulsorily Convertible Preference Shares of face value of Rs 10 each at par, to Rakesh Jhunjhunwala.
Next Mediaworks was incorporated with main object of printing and publishing of newspapers, magazines, books, journals etc.
