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Radio City Redeems NCRPS at ₹120 per Share; Pays 0.1% Interim Dividend
Music Broadcast Limited (Radio City) has completed the redemption and dividend payment process for its Non-Convertible Non-Cumulative Redeemable Preference Shares (NCRPS). The company redeemed the shares at ₹120 per unit and paid an interim dividend of ₹0.01 per share (0.1% of face value). These payments were disbursed on January 19, 2026, to shareholders who were on record as of January 9, 2026. This corporate action fulfills the obligations under the Scheme of Arrangement through which these bonus shares were issued.
Key Highlights
Redemption of NCRPS completed at ₹120 per share upon maturity.
Interim dividend of 0.1% (₹0.01 per share) paid for the Financial Year 2025-26.
Payment for both redemption and dividend was processed on January 19, 2026.
Record date for eligibility was fixed as January 9, 2026.
The NCRPS were originally issued as bonus shares under a Scheme of Arrangement.
💼 Action for Investors
Equity investors should note the cash outflow resulting from this planned redemption. NCRPS holders should verify their bank accounts for the receipt of redemption proceeds and the interim dividend.
S&P Global Upgrades Biocon Biologics Rating to 'BB+'; Outlook Revised to Stable
S&P Global has upgraded Biocon Biologics' credit rating to 'BB+' from 'BB' following a significant reduction in the company's adjusted debt. This upgrade follows the settlement of a $1 billion CCPS liability to Viatris through a mix of equity and cash, simplifying the capital structure. Adjusted debt is projected to fall to INR 115 billion by FY26 from INR 248 billion in FY25, significantly improving the company's financial health. Analysts expect EBITDA to grow to INR 45 billion by FY27, driven by a 15% growth in the biosimilars segment.
Key Highlights
Credit rating upgraded to 'BB+' from 'BB' with a 'Stable' outlook by S&P Global.
Adjusted debt forecasted to decline to INR 115 billion by FY26, down from INR 248 billion in FY25.
FFO-to-debt ratio expected to improve from under 10% in FY25 to 30% by FY27.
Settled $1 billion CCPS to Viatris using $460 million in fresh equity and share swaps.
EBITDA projected to reach INR 45 billion by FY27 with steady margins of 22-23%.
💼 Action for Investors
This upgrade marks a critical de-risking milestone for Biocon as it successfully manages the high leverage from the Viatris acquisition. Investors should monitor the execution of new biosimilar launches like bStelara and Aflibercept as primary drivers for future valuation re-rating.