Delhi Newspaper Hindustan Times To Raise $56-60 Million Through IPO

Business Standard: It appears that the HT Media, the Delhi-based newspaper group that is launching a Mumbai edition, is expecting to raise Rs 250-270 crore ($56-60 million) through an IPO.
Of the money raised via the fresh issue, the company has earmarked Rs 76.40 crore for capital expenditure, Rs 76 crore for sales and marketing and Rs 10 crore for its radio services. HT is currently gearing up for its much talked about Mumbai launch, where other new players like DNA (a newspaper from Dainik Bhaskar and Zee combine) is slated to fight a fierce war with the incumbent leader The Times of India. Mumbai is considered to be a Rs 900 crore ($205 million) newspaper market.

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