Music Broadcast Limited (Radio City) - Debt Free, good liquidity and low valuations

Thanks for the notes @ajaymu

Was there any question / discussion on why Ms Purohit has been selling her stake over the past six months?

Nope. No questions on Apurva Purohit selling her shareholding.

company filled in NCLT
1 Like

Massive selling by company’s director Ms. Apurva Purohit and other designated persons continues unabated. Apurva’s stake has come down from 1.46% in Aug to just .75% now with a good quantity sold on Mar 23 as well - Does this sound worrisome esp. considering the company is trading at such low valuations?


This has been going on for months now and is extremely counter intuitive. And it’s strange that no one has asked her about the selling through the past two con calls.

On the one hand they release presentations on how the business is getting back to pre covid levels, ongoing cost optimization and margin expansion, and how radio is here to stay, and on the other hand this continuous selling at low valuations.

Maybe she has her reasons but the lack of communication is worrisome - again counterintuitive as MB has set the bar so high on communication and minority shareholders value creation with the NCRPS.

Ms Purohit’s shareholding doesn’t fall under the promotor category as well right? So she is in a sense also forgoing the NCRPS on her shareholding. Perplexing!


I have exited my holdings in MB completely today and shifted funds to some of my other core holdings which had corrected more than MB had. The uncertainty around the massive selling by Ms Purohit makes me uncomfortable. If there is some clarification that comes through on this in the future, I will be open to consider buying agian.


Ms. Apurva Purohit has resigned wef 1st July 2021. Now we know the reason for her continuous selling of the stock.

Also no mention of when the bonus shares will be issued. Only information regarding the matter is that it is pending with the NCLT. Last time they had said the bonus shares will be issued by May. Also no concall this time.


Thank you for the information, it’s a bit disappointing to not be able to know the status of key event like preference shares issue - I am invested and was keeping a keen eye on that.
With the resignation, the con-call assumed greater importance to alleviate the investors and not a good one to know that they aren’t holding it.

Got this data

1 Like

Hi, Thanks for info. May I know from where have you got this info?


NSE Website
Search for bulk & Block deals at NSE on Google

1 Like

Hi. I noticed that Marcellus has exited both Music Broadcast as well as PPAP Auto from LCP. Does anyone know what they have bought to replace these?

Music Broadcast was planning almost Rs 12 per share benefit to minority shareholders. What is the record date for this benefit?
Also now Apurva Purohit resignation explains all the prior selling. Was she not bullish about company prospects?

Hi where did you find this? Have they exited both or just rebalanced both?

I think completely exited. Reasons that I think:
PPAP: Resignation of CFO
Music Broadcast: Resignation of Apurva Purohit

I found this here:

1 Like

I have followed up with them 5-6 times. The reply is always the same.

Today NCLT hearing scheduled for ncrps bonus resolution. Hoping that approval can happen.

it would be good amount. Rs 10 bonus per share.

Next NCLT Hearing scheduled on Nov 7, 2022.
Looks like radio industry is saying some momentum post covid. Q3 would provide the results with festival quarter impact.

I’m invested in Radiocity since Aug-20 and I’ve been closely tracking the NCRPS issue for more than 12 months now. Given the pace at which this whole NCRPS has moved, it only reminds me of Sunny Deol’s famous dialogue “Tareek pe tareek, tareek pe tareek”. The biggest merger in India’s corporate history of HDFC-HDFC Bank is likely to be completed within 12 months and this minority-shareholder friendly management has failed in getting the NCRPS issue approved/completed in more than 2 years. Let’s hope 7th Nov is not just another “tareek”.

Talk is cheap, actions matter! This is pretty much the last quarter of patience I have for this company. In Q1FY23 concall, the management initially guided for getting close to FY20 revenues (248cr) in FY23. Now in Q2 concall, the management gave a conservative revenue figure of 200cr saying they can achieve it comfortably and some more in all likelihood. They better get close to 210-215 cr revenue in FY23 if they have any credibility left.

Frustrated Shareholder because of judicial system and management continuously kicking the can down the road!

1 Like

Rewarding NCLT approval, This is not with mgmt.

Regarding company performance, it is as close to Radio sector / peers.

I agree management guidance is not matching with reality