The share price of Music Broadcast rallied up to 20 percent on Friday after it announced the bonus issue of non-convertible, non-cumulative, redeemable preference shares for every 10 shares held by the non-promoter shareholders.

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The stock gained as much as 20 percent on the NSE. At 1:00 PM, the stock was trading 19.94 percent higher at Rs 21.35 per share.

The issue price will be Rs 100/share, including a premium of Rs 90 and face value of Rs 10, said the company's exchange filing. It further said that the total issue will be of about Rs 90 crore and the coupon rate for the same will be 0.1 percent.

The NCRPS will be redeemed on the expiry of 36 months from the date of allotment. The record date is to be determined in due course. The redemption price has been fixed at Rs 120, it added.

The company reported its September quarter earnings, which remained lackluster as it saw a net loss of Rs 6.5 crore in Q2FY21 as compared to the profit of Rs 18 crore for the same quarter last year.

Sales also declined 52 percent to Rs 30 crore against Rs 62.53 made during the corresponding quarter during the previous year.

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