HT Media’s board has approved a preferential issue of up to 3.88 crore warrants to its promoter, The Hindustan Times, and five other investors, paving the way for the company to raise up to ₹95.3 crore through a cash infusion.
According to the company’s stock exchange filing, each warrant will be issued at ₹24.57, the floor price determined under the Securities and Exchange Board of India (SEBI) regulations. Every warrant will be convertible into one fully paid-up equity share with a face value of ₹2.
The proposal is subject to shareholder approval as well as other statutory and regulatory clearances. HT Media has scheduled an extraordinary general meeting (EGM) on August 7, 2026, to seek shareholders’ approval for the preferential allotment.
Under the proposed issue, promoter entity The Hindustan Times will be allotted 1.34 crore warrants. Tremis Consultancy LLP will receive 1.24 crore warrants, while Kiran Vyapar Ltd will be allotted 71.23 lakh warrants. Other proposed allottees include Zafar Ahmadullah, who will receive 40.70 lakh warrants, Peanence Commercial Private with 13.43 lakh warrants and Zapfin Teknologies Private with 4.07 lakh warrants.
Also read: HT Media Q4: Digital revenue at Rs 39 crore; print ad revenue rises 10% to Rs 313 crore
The Hindustan Times currently holds 16.18 crore equity shares, representing a 69.50% stake in HT Media. Following the full conversion of the proposed warrants, the promoter’s holding is expected to increase to 17.52 crore shares. However, its ownership percentage will decline to 64.52% due to the expansion of the company’s equity capital.
Post-conversion, Tremis Consultancy LLP is expected to hold a 4.57% stake in HT Media, followed by Kiran Vyapar Ltd at 2.62%, Zafar Ahmadullah at 1.50%, Peanence Commercial Private at 0.49% and Zapfin Teknologies Private at 0.15%.
The warrants allotted to the promoter will be convertible within 18 months from the date of allotment, while those issued to the five non-promoter investors will carry a conversion period of up to 12 months.
The company, however, did not specify the intended use of the proposed ₹95.3 crore in the board resolution filed with the stock exchanges.
The proposed fundraise comes as HT Media continues to recalibrate parts of its business portfolio. Earlier this month, the company announced that its subsidiaries would surrender multiple FM radio licences, including Radio Nasha in Mumbai, Radio One stations in Delhi, Mumbai and Bengaluru, and Fever FM in Chennai, citing their long-term financial and strategic unviability. The move reflected the broader challenges facing India’s radio industry, which has been grappling with declining advertising revenues, shifting consumer behaviour and increasing competition from digital audio platforms.
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