Hungama Digital to raise Rs 50 crore through rights issue

Hungama Digital Media Leisure plans to lift Rs 50 crore by a rights situation, with the fund infusion anticipated to be accomplished by the tip of March, in line with a report by Care Scores.

The well timed infusion of funds by rights situation stays vital from a credit score prescriptive, the scores company mentioned.

The corporate declined to remark.

Hungama is backed by Intel Capital Company, Bessemer Enterprise Companions Trusts, XIAOMI Singapore and Uncommon Enterprises, the funding agency of the late Rakesh Jhunjhunwala.

After the dying of Jhunjhunwala, his stake in Hungama was transferred to his spouse, Rekha Rakesh Jhunjhunwala.

Care Scores has revised the score assigned to the financial institution services of Hungama from steady to adverse on account of the weak operational efficiency and losses registered in FY23.Hungama is a number one digital leisure firm with pursuits in music, video and gaming.It has licenced unique digital rights for over 30 million music and video titles worldwide, that are monetized throughout numerous digital media platforms.

The corporate had recorded a web lack of Rs 6.29 crore in opposition to a revenue of Rs 7.42 crore in FY22. Its income witnessed a marginal improve from Rs 334.52 crore in FY22 to Rs 346.45 crore.

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