Hindustan Media Ventures opens with 7.2 percent premium


Bangalore: A share of Hindustan Media Ventures (HMV), a subsidiary of HT Media has opened at 177.95, up 7.2 percent over its issue price of 166 on NSE. According to Amit Chopra, CEO of Hindustan Media Ventures, Hindustan Media Ventures would focus on current geographies before expansion. The Public issue of HMV was opened between July 7-9, which has got subscribed 5.43 times. The price band was at 162-175 a share. HT Media is an India-based company. It publishes Hindustan Times, an English daily, and Mint, a business paper daily except on Sunday. The Company is also engaged into the business of providing entertainment, radio broadcast and all other related activities through its radio stations operating under brand name Fever 104 in cities of Delhi, Mumbai, Kolkata and Bangalore. The Company's subsidiaries include Hindustan Media Ventures Limited (HMVL), HT Music and Entertainment Company Limited (HT Music), HT Burda Media Limited (HT Burda) and HT Digital Media Holdings Limited. Till November 2009, the Company was also engaged in the publishing Hindustan, a Hindi daily and two monthly magazines Nandan and Kadambani. The objects 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.