ENIL raises Rs 249.43 cr via unsecured commercial papers

Entertainment Network India Ltd (ENIL), which runs Radio Mirchi channel, today said it has raised Rs 249.43 crore by issuing unsecured commercial papers (CPs) to BNP Paribas.
"The company has on March 18, 2016 issued unsecured commercial papers (CPs) to BNP Paribas. The amount raised through issuance of CPs is Rs 249.43 crore," Entertainment Network (India) Ltd said in a BSE filing.
It further said: "The CPs have a tenor of one year and will mature on March 17, 2017. The maturity value of CPs is Rs 270 crore. The effective yield of the CPs is 8.25 per cent per annum. The proceeds from the CPs will be used to fully repay the outstanding bank loans."

ENIL is promoted by Bennett, Coleman & Co Ltd, which publishes dailies like Times of India, Economic Times and Navbharat Times.
Entertainment Network (India) shares were trading at Rs 724.90 on BSE, down 2.34 per cent.