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.
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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