Hindustan Media Ventures' Rs 270 cr IPO to open on July 5

NEW DELHI: Hindustan Media Ventures Ltd, the publisher of Hindi daily Hindustan, today said its initial public offer ( IPO) will open on July 5.

The IPO, through which the media house plans to raise up to Rs 270 crore, will remain open between July 5 to July 7, 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 utilise the IPO proceed for its expansion plans.

The IPO is based on 100 per cent 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 the book running lead managers to the issue.

Shares of HT Media today closed at Rs 147.30, down 1.31 per cent on the BSE. The broader market was also weak, with the BSE benchmark closing at 17,534.09, lower by 240 points.