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| Exchange Disseminated Time 21/09/2015 17:31:12 | With reference to the earlier intimation dated June 18, 2015, Next Mediaworks Ltd has now informed BSE that the Company's subsidiary viz. Next Radio Limited (”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 Crores from Mr. 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/- (Rupees Ten Only) each at par, to Mr. Rakesh Jhunjhunwala.
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