Further investments in HT Media

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HT Media publishers of the Delhi-based The Hindustan Times have sold 8.27 per cent equity to Citicorp International Finance Corp for Rs.69 crore (approximately US$ 15.7 million). A further investment of Rs.150 crore (US$ 34 million) also comes from KK Birla, owner of the paper that is run by his daughter and vice-chairperson, Shobhana Bhartia. The Citicorp investment brings the foreign direct investment to 24.64 per cent including the 15.38 per cent stake sold to Henderson Asia Pacific Equity Partners in December 2003 for about Rs.100 crore (US$ 22.7 million). At the time it was reported that Henderson’s investment was of Rs.125 crore for 20 per cent of the equity. Citicorp is said to be paying Rs.195 per share in comparison to the Rs.175 a share paid by Henderson Asia Pacific. ...cont´d

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