Hindustan Media Ventures, a subsidiary of HT Media Ltd has fixed July 21, 2010 as the listing date for its equity shares, which were recently issued via its public issue. The company has fixed the issue price at Rs 166 a share, while the price band stood at Rs 162-175 a share.
The Rs 270 crore issue was opened between July 7 and July 9 and was subscribed 5.43 times. Maximum bids were received at Rs 162-166 per share. Qualified institutional investors showed strong interest in this issue; their reserved portion got subscribed nine times. Non-institutional and retail investors’ portion subscribed 3.4 times and one time, respectively.
HT Media Ltd holds 98.85 per cent stake in HMV, one of the leading print media companies in India in terms of readership (Source: IRS, R2 2009). Hindi daily Hindustan is currently printed at 16 locations in the states/ regions of Uttar Pradesh, Bihar, Jharkhand, Uttarakhand, Punjab and Delhi NCR, with a total installed rated capacity of approximately 0.78 million copies per hour.
The objectives of the issue were to raise funds for setting up new publishing units, upgrading existing plant and machinery, prepayment of loans, and for general corporate purposes.