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Money raised from IPO will make Hindustan Media Ventures debt free, says Board of Directors

03-July-2010
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Money raised from IPO will make Hindustan Media Ventures debt free, says Board of Directors

Hindustan Media Ventures Ltd (HMVL) is quite upbeat about its forthcoming IPO, which opens on July 5, 2010. The company plans to raise Rs 300 crore through this IPO.

At a press meet held in the Capital on July 2, 2010 Piyush Gupta, CFO, HMVL, said that the money raised from the IPO would help the company invest in new Hindi speaking markets and also further fortify its presence in markets like Uttar Pradesh and Uttarakhand.

The company already has 15 printing facilities all over India, including eight in Uttar Pradesh, three each in Bihar and Jharkhand, and one in Uttarakhand. “We have got a well entrenched distribution system and the support of HT Media Ltd, which makes us leaders in Bihar and Jharkhand,” Gupta added.

He further said, “The heart of any media is content, and HT Media gives that access to the company.”

Also present on the occasion was Priyavrat Bhartia, Director, HT Media Ltd, who said, “Money raised from IPO will not only fund the expansion of the newspaper in the Hindi belt, but will also be used to clear the company’s liabilities (around Rs 135 crore).”

Hindustan newspaper came into existence in 1936 and is currently under Hindustan Media Ventures Ltd, which also has two Hindi magazines – children’s magazine ‘Nandan’ and ‘Kadambini’, a general interest magazine, besides and a Hindi website.

Also read:

Hindustan Media Ventures’ IPO on July 5; price band fixed at Rs162-175

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