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HT Media approves Rs 95.3 crore preferential warrant issue
Board clears 3.88 crore warrants as shareholders vote on proposal on August 7
MUMBAI: The printing presses may run on ink, but growth still needs fresh capital. HT Media’s board has approved a preferential issue of up to 3.88 crore warrants, setting the stage for the company to raise up to Rs 95.3 crore through a cash infusion from its promoter and five other investors.
According to the company’s stock exchange filing, each warrant will be issued at Rs 24.57, the floor price determined under 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 Rs 2.
The proposal is subject to shareholder approval and other statutory clearances. HT Media has convened an Extraordinary General Meeting (EGM) on August 7, 2026, to seek approval for the preferential allotment.
Under the proposed issue, promoter entity The Hindustan Times will receive 1.34 crore warrants. Tremis Consultancy LLP is set to be allotted 1.24 crore warrants, while Kiran Vyapar Ltd will receive 71.23 lakh warrants. Other proposed allottees include Zafar Ahmadullah with 40.70 lakh warrants, Peanence Commercial Private with 13.43 lakh warrants, and Zapfin Teknologies Private with 4.07 lakh warrants.
The Hindustan Times currently owns 16.18 crore equity shares, representing a 69.50 per cent stake in HT Media. Following the full conversion of the warrants, the promoter’s holding will rise to 17.52 crore shares. However, its ownership percentage is expected to decline to 64.52 per cent due to the expansion of the company’s equity base.
Post-conversion, Tremis Consultancy LLP is expected to hold a 4.57 per cent stake in the company, followed by Kiran Vyapar Ltd at 2.62 per cent, Zafar Ahmadullah at 1.50 per cent, Peanence Commercial Private at 0.49 per cent, and Zapfin Teknologies Private at 0.15 per cent.
The warrants allotted to the promoter can be converted into equity within 18 months from the date of allotment, while those issued to the five non-promoter investors will be convertible within 12 months.
The company has not disclosed how it intends to deploy the proposed Rs 95.3 crore fundraise.
The capital-raising exercise comes at a time when HT Media is reshaping 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 underscored the mounting pressure on India’s radio industry as advertising spends shift towards digital platforms and changing consumer listening habits continue to reshape the audio landscape.
