Hindustan Media Ventures Ltd to invest Rs. 35.02 crores in Newsreach

Hindustan Media Ventures Ltd to invest Rs. 35.02 crores in Newsreach

Hindustan Media Ventures Ltd has entered into agreement dated 25th August, 2023, for making an investment of up to Rs. 35.02 Crore in two tranches of upto Rs. 17.51 Crore each, by subscribing to equity shares and/or convertible equity linked instrument of Vyomeen Media Private Limited (“Newsreach”).

As per the terms of the agreement the Company has agreed to invest the aforesaid tranche-1 investment through 1 (one) equity share and 9,636 (Nine thousand six hundred and thirty six) convertible equity linked instrument (optionally convertible redeemable preference shares) of Newsreach.

Incorporated in August 2018, Newsreach is a PR-tech and content marketplace. It provides PR and advertorial support / inventories to companies across India and abroad. Also, it helps content creators to buy, sell and license their content though their platform.

Shares of Hindustan Media Ventures Limited was last trading in BSE at Rs. 69.65 as compared to the previous close of Rs. 71.00. The total number of shares traded during the day was 3684 in over 14 trades.

The stock hit an intraday high of Rs. 71.00 and intraday low of 69.59. The net turnover during the day was Rs. 257578.00.

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