NXTDIGITAL raises Rs 560.13 crore from rights issue
The company has received Rs 560.13 crore or 194% more than the rights issue size of Rs. 288.61 crore, which will help it pare its debt
NXTDIGITAL MD and CEO Vynsley Fernandes said, “The Rights Issue was another positive step taken by the company towards our stated objective of reducing our overall debt. With this, the debt-to-equity ratio is expected to significantly come down to approximately 1.5 times vis-à-vis the pre-issue debt-to-equity ratio of over 4 times. This is without doubt, a robust position from which to continue on our path of digital transformation."
NXTDIGITAL Wholetime Director and CFO Amar Chintopanth added, “In line with the company’s objectives of paring debt, against the sale of land at Hyderabad, the Company has already received 25% of the total consideration of Rs 69.30 crores. Considering that the conditions precedent for the sale have been completed within the agreed timelines the Company expects the transaction to close before the end of the financial year and the entire proceeds to be realized. Such proceeds would also be utilized towards reducing of the Company’s debt."
NXTDIGITAL has established itself as a premier integrated digital platforms company with a presence in over 1,500 cities and towns across India, covering nearly 4,500 pin codes today. It has emerged as an integrated platform that offers digital cable, satellite via its HITS or Headend-In-The-Sky platform and broadband, with speeds up to 1,000 Mbps. It recently launched its innovative concept of owned-and-operated NXTHUBs across the country – which besides video and broadband, are future-ready to offer customers a slew of additional digital services including OTT and Wi-Fi.
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