Hindustan Media fixes IPO price band at Rs 162-175 per share | business | Hindustan Times
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Hindustan Media fixes IPO price band at Rs 162-175 per share

business Updated: Jul 01, 2010 13:18 IST

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Hindustan Media Ventures Ltd, the publisher of Hindi daily Hindustan, today fixed the price band of its initial public offer (IPO) at Rs 162-175 per share.

The IPO, through which the media house plans to raise up to Rs 270 crore, will open on July 5 and close on July 7.

Hindustan Media Ventures is promoted by HT Media Ltd, the publisher of leading English dailies the Hindustan Times and Mint.

The company intends to utilise the IPO proceed for its expansion plans.

The IPO is based on 100 per cent book building process.

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 the book running lead managers to the issue.

Shares of HT Media were quoting at Rs 153.75, up 3.22 per cent, in the early trade on the BSE. The rise on HT counter was significant as the broader market was trading in deep red. The BSE benchmark Sensex was trading at 17,510.99, down 189.91 points in early trade.