New Delhi, Jan 24 (PTI) Entertainment Network India Ltd (ENIL), which operates FM radio channel Radio Mirchi, today said it has raised Rs 121.8 crore through issuance of Commercial Papers to finance its business needs.Also Read - Classmate Spell Bee is back with its 11th season

“The company has on January 24, 2017 issued unsecured Commercial Papers (CPs). The amount raised through issuance of Commercial Papers is Rs 121.8 crore,” Entertainment Network (India) Ltd said in a BSE filing. Also Read - Graffiti depicting India's diversity, culture unveiled in central Delhi

It further said: “The CPs have a tenor of 364 days and will mature on January 23, 2018. The maturity value of CPs is Rs 130 crore. The effective yield of the CPs is 6.75 per cent per annum. Proceeds from the CPs will be used to finance the company’s business needs”. Also Read - Dancing Uncle: Sanjeev Shrivastava is Back With His Viral Moves on Govinda’s A Aa E Ee O O O

Shares of ENIL closed 1.94 per cent higher at Rs 776.05 on BSE.

This is published unedited from the PTI feed.