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Hindustan Media Ventures’ Rs270 cr IPO to open on 5 July

Hindustan Media Ventures’ Rs270 cr IPO to open on 5 July
PTI
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First Published: Tue, Jun 29 2010. 05 17 PM IST
Updated: Tue, Jun 29 2010. 05 17 PM IST
New Delhi: Hindustan Media Ventures Ltd, the publisher of Hindi daily Hindustan, on Tuesday said its initial public offer (IPO) will open on 5 July.
The IPO, through which the media house plans to raise up to Rs270 crore, will remain open between 5 – 7 July, Hindustan Media Ventures said in a public announcement.
Hindustan Media Ventures is promoted by HT Media Ltd, the publisher of leading English dailies -- the Hindustan Times and Mint.
The company intends to utilize the IPO proceed for its expansion plans.
The IPO is based on 100% book building process and the price band of the issue will be decided at least two days before the offer opens, it said.
Shares offered through the IPO are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.
Edelweiss Capital and Kotak Mahindra Capital Company are book running lead managers to the issue.
Shares of HT Media closed at Rs147.30, down 1.31% on the BSE. The broader market was also weak, with the BSE benchmark closing at 17,534.09, lower by 240 points.
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First Published: Tue, Jun 29 2010. 05 17 PM IST