HT Media Ltd, which is planning to launch a Mumbai edition of Hindustan Times in mid-2005, filed a draft red herring prospectus for its proposed initial public offering with Securities and Exchange Board of India.
The offer comprises of 46.40 lakh (4.64 million) fresh shares and an offer for sale of 23.55 lakh (2.35 million) shares of Rs 10 each by HPC (Mauritius) Ltd with a green shoe option of 696,000 shares, which would be through the book building process.
Kotak Mahindra Capital Company Ltd is lead manager for the issue while Karvy Computershare Pvt Ltd would act as registrar for IPO, it said.
The objective of the public issue is to achieve benefits of listing and raising capital. The listing of shares would enhance visibility and brand name, the company said.
The proceeds of the issue of fresh share would be used towards capital expenditure relating to existing operations and to establish a base in Mumbai, sales and marketing, radio services and general corporate purposes, it said.
The company has estimated capital expenditure of Rs 76.48 crore (Rs 764.8 million). The outlay for sales and market services was Rs 76 crore (Rs 760 million) for two years ending March 31, 2007. The radio services would require about Rs 10 crore (Rs 100 million) for the period upto March 2007, it said.
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