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Radaan Media plans to forfeit partly-paid shares

Our Bureau

Chennai , Feb. 6

THE Chennai-based television content company, Radaan Mediaworks India Ltd, promoted by the actress, Ms Radikaa, at its board meeting held on January 30, has informed the Stock Exchange that the company will be approaching the Madras Stock Exchange Ltd and National Stock Exchange to take approval to forfeit the partly paid shares.

The board has also fixed February 20 as the last date for shareholders to pay up, official sources said. It has also decided to give final intimation to all the partly paid shareholders regarding the proposal to forfeit the shares. The company had gone in for an initial public offering in February last year to raise Rs 10.85 crore. Official sources said that some shareholders had not fully paid up for the shares even after one year.

In January this year, the company split its Rs 10 shares to Rs 2 shares. Sources said that this move would improve the liquidity of the company.

The company is all set to produce Tamil feature films, and has roped in directors Ram Gopal Varma and Teja.

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