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MUMBAI:
Hindustan Media Ventures (HMV), a subsidiary of HT Media,
is planning to raise up to Rs 3 billion through an initial
public offering (IPO).
HMV,
which publishes Hindi daily newspaper Hindustan and Hindi
magazines, has filed draft red herring prospectus (DRHP) on
Friday with the market regulator Securities and Exchange Board
of India (Sebi).
From
1 December 2009, HT Media had hived off its Hindi news business
to Hindustan Media Ventures, fuelling speculation that it
may file for a separate IPO.
The
spinoff was per the book value of the Hindi business and for
a consideration of Rs 1.49 billion, including net working
capital of Rs 240 million.
The
Hindi business undertaking also comprises Hindi magazines
'Nandan' & 'Kadambini' and internet portals of the respective
publications.
Also
Read:
HT
Media to hive off Hindi news business
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