Music Broadcast (MBL) has redeemed (repaid principal) and paid interest in respect of 500 NCD’s of Series C of Rs 50 crore to all eligible NCD holders as on record date, as per the terms mentioned in the Information Memorandum on March 04, 2020.
With this the company has utilised its pending IPO proceeds for the redemption of listed NCD’s and post making this payment, all the IPO proceeds have been utilised for the purpose for which it was raised and there has been no instance of deviation or variation in utilizing the IPO proceeds.
Music Broadcast operates a network of FM radio channels in India. It broadcasts Hindi and international music in various genres, such as film, non-film, Sufi, ghazals, lounge, current, and retro, as well as various advertising and entertainment solutions.
