Mid-day to invest in radio biz

MUMBAI: Mid-day Multimedia Ltd on Wednesday said it has received shareholders approval for investment up to Rs 100 cr in radio business.

The multiple-media conglomerate informed the Bombay Stock Exchange that the shareholders have passed the special resolution through postal ballot for making investments, giving guarantees, providing securities in radio business with requisite majority.

The company had earlier sought shareholders approval for the special resolution, giving corporate guarantees of upto Rs 50 cr and for making investments of upto Rs 50 cr in any of the three -- Radio Mid-Day West (India) Ltd, Mid-Day Radio North (India) Ltd, Mid-Day Broadcasting South (India) Pvt Ltd.

The shares of the company were trading at Rs 39.85, down 4.89 per cent at the BSE.