HT Media Ltd, which will raise up to Rs 407.62 crore (Rs 4. 07 billion) from its forthcoming IPO said it will come out with its FM radio channel "right away" but ruled out foraying into a TV news channel business in the "forseeable future".
In spite of the criticism that Bennett, Coleman's Private Treaties division, which swaps advertising space in its newspapers for minor equity in small and medium enterprises, attracts, these print media companies are gearing up to launch their versions of the department.
It's raining written words in India as the industry rides a boom. More newspapers, magazines... and still more launches ahead.
Kicking off its plans for a business newspaper, HT Media Ltd announced on Friday an editorial content tie-up with the Wall Street Journal, though not going for equity participation as of now.
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 scrip of K K Birla controlled HT Media Ltd on Wednesday opened at Rs 685 per share at a premium to the issue price of Rs 530 at listing on the Bombay Stock Exchange Ltd.
The six are English dailies the Hindustan Times, The Hindu and The Telegraph; their sister publications The Hindustan and The Hindu Tamil; and Ananda Bazar Patrika.
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