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HT Media to invest up to Rs 400 cr to expand radio biz

03:58 PM Jun 07, 2018 | Team Udayavani |

New Delhi: HT Media today said its board has approved investing up to Rs 400 crore in its subsidiary HT Music and Entertainment Company Ltd to fund growth of its FM radio business.

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The company operates two radio stations – Fever FM and Radio Nasha. HT Media’s radio business posted an operating revenue of Rs 178 crore in fiscal 2017-18.

“The Board of Directors of the company at its meeting…has approved the proposal to invest an amount up to Rs 400 crore in one or more tranches, in its wholly-owned subsidiary company namely, HT Music and Entertainment Company Ltd to fund expansion/ growth opportunities in its FM Radio business vertical,” HT Media said in a regulatory filing.

Shares of HT Media were trading 1.93 per cent higher at Rs 79.35 apiece on BSE.

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