Monday, May 31, 2010

Hindustan Media Ventures IPO Worth Rs 300 crore in June

Hindustan Media Ventures Ltd (HMVL), the publisher of Hindi daily 'Hindustan' plan to raise Rs 300 crore from its initial public offer which is likely to come up in June this year.

The firm, an arm of HT Media, which publishes leading English daily 'The Hindustan Times', will be filing the Red Herring Prospectus (RHP) for the maiden public issue in the next few days.

"Our daily 'Hindustan' has a prominent presence in the Hindi heartland of Uttar Pradesh, Bihar, Chhatisgarh and Jharkhand. Our IPO has been planned to raise funds for further expansion in these regions," HMVL national sales head, Parag Agarawal told PTI here today.

"We plan to raise Rs 300 crore from the IPO out of which Rs 135 crore will be used to cover debt while the balance would be utilised for expansion," Agarawal said.

He said that the turnover of the company which was around Rs 400 crore in 2009-10 was expected to reach Rs 520 crore in the current fiscal.

'Hindustan' with four editions from Delhi, Lucknow, Patna and Ranchi, has a circulation of over 17 lakh copies everyday, Agarawal said.

Besides, newspaper,HMVL publishes two Hindi magazines, and operates its own website and e-paper services.

Source: economictimes.indiatimes.com

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