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Hindustan Media Ventures to raise up to Rs 250 cr
MUMBAI: Hindustan Media Ventures Ltd (HMVL), which publishes Hindi news daily Hindustan, is planning to raise Rs 250 crore (Rs 2.50 billion) through issue of non-convertible debentures (NCDs) on private placement basis.
HMVL is also planning to acquire the trademarks—‘Hindustan’, ‘Hindustan.in’, ‘Nandan’, ‘Kadambini’, ‘Hum Tum’, etc.—from parent company HT Media Ltd for Rs 62 crore (Rs 620 million).
The company is seeking its shareholders’ approval for both the initiatives.
“In order to augment long-term resources for financing ongoing expenditure and for general corporate purposes, the board of directors may, at an appropriate time, offer or invite subscription for secured/unsecured redeemable debentures/bonds up to Rs 250 crore,” HMVL said.
The item is listed for its upcoming annual general meeting on 28 August for the approval of shareholders.
The company said that the funds would be raised within the overall borrowing limits of the company and that the amount would be raised within one year from the date of its AGM.