Board has approved a bonus issue of non-convertible non-cumulative redeemable preference shares (NCRPS) of Rs100 each in the ratio of 1 NCRPS for every 10 equity shares held by non-promoter shareholders. MBL's operational performance (EBITDA loss of Rs30mn) was better than our estimates led by a revenue beat of 20%. Ad-volumes are increasing on a sequential basis with utilization levels in smaller markets almost back to preCOVID levels of ~50-55%. However, metros/tier-1 markets are still lagging...