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Gearing to launch itself at the stock exchange, Hindustan Media Ventures Ltd (HMVL), the Hindi Biz associate of HT Media, has announced the price band for the shares to be issues during the initial public offer (IPO).

HMVL has set the price of the issue between Rs 162 and Rs 175 per share through which it seeks to fetch around Rs 270 crore of funds.

Further, through the issue HMVL will also be diluting the HT Media’s stake by 21%-23% in the Company depending on the exact price at which the sale happens.

As reported earlier, the IPO will open for subscription from July 5 to July 7. The funds raised by means of the IPO would be utilised in repayment of loans, setting up of new units and upgrades at the Company.

For the year ended March 31, 2010, HMVL registered net profit of Rs. 45 crore on revenues of Rs 439 crore marking a growth of 26%. The Company foresee to grow further and strengthen its position in the market on back of new opportunities yet to be explored.

HMVL currently published ‘Hindustan’, which is Indian’s third largest Hindi daily according to the recent IRS figures. Hindustan already possess leadership in Bihar and Jharkhand and is also growing rapidly in UP and Uttarakhand. Besides it has a strong presence in Delhi and NCR as well.

Edelweiss and Kotak Investment Bank serve as the book running lead managers for the issue.