HT Media board approves Rs 400 cr investment plan in FM radio biz
MUMBAI: The board of media company HT Media has approved a proposal for investment of up to Rs 400 crore in FM radio business fund expansion/growth opportunities.
The FM radio business of the company is housed under its wholly-owned subsidiary company HT Music and Entertainment. The company owns and operates FM radio stations under the brand Fever 104 FM and Radio Nasha 91.9 FM.
“This is to inform you that the Board of Directors of the Company at its meeting held on June 6, 2018 (which commenced at 11.00 A.M and concluded at 12 Noon) has approved the proposal to invest an amount up to Rs. 400 Crore in one or more tranches, in its wholly-owned subsidiary company namely, HT Music and Entertainment Company Limited to fund expansion/ growth opportunities in its FM Radio business vertical,” HT Media said in a filing to the BSE.
In FY18, the HT Media’s operating profit from the radio business had increased 74% to Rs 70 crore from Rs 40 crore in the year-ago period. Revenue expanded 12% to Rs 178 crore from Rs 159 crore.
Fever 104 FM is available in Delhi, Mumbai, Bangalore and Kolkata. Radio Nasha 91.9 FM is available in Mumbai and Delhi.