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The initial public offer of the media entity, Hindustan Media Ventures Ltd (HMVL), has opened today. The Hindi business subsidiary of HT Media Ltd foresees to garner around Rs 270 crore through this IPO.

The shares for the IPO are being offered at a price band of Rs 162-175 a share which will remain open for subscription till July 7, 2010.

As per the information available with BSE website, Company has allocated 27,77,120 equity shares to the anchor investors raking in a commitment of Rs 46.10 crore from them. HMVL has lined up 13 anchor investors of which Reliance Capital has made the highest purchase among the anchor investors with 8.43 lakh of shares.

HMVL publishes the third largest newspaper in the Indian market ‘Hindustan’, according to the recent IRS figures, along with two Hindi magazines - Nandan, and Kadambini.

Through the proceeds from the IPO, HMVL will deploy around Rs 66 crore for setting up new publishing units, Rs 55 crore in upgrading existing plant and Rs 135 crore for prepayment of its loans.

Furthermore, HT Media Ltd, which holds 98.85% stake in HMVL, seeks to dilute around 23% of its stake in the Company.