Hindustan Media Ventures approves proposal to invest up to Rs73 crore in Autope Payment Solution

22 Nov 2022 , 03:04 PM

Hindustan Media Ventures Ltd had approved to invest upto Rs73 crore, in tranches by subscribing to convertible securities of Autope Payment Solution Private Limited (Formerly known as “Anduril Technologies Private Limited”).

As per the terms of the agreement, the Company is now converting Tranche 1 investment (which was made into convertible share warrants of Autope) into equity shares of the Autope and consequent upon such conversion, the holding of the Company in Autope shall be in excess of 5% of its total shareholding.

Autope is a tech company which is engaged in the business of facilitating payment / recharge for IRCTC, Metro and various other utilities. The Company has collaborated with transport operators like Delhi Metro Rail Corporation (DMRC) to facilitate online recharge for DMRC metro card holders.

Further, investment made into Autope which is engaged in the business of facilitating payment / recharge, inter-alia, for IRCTC, Metro and various other utility companies, with an aim for Autope to leverage media assets owned by the Company to enhance awareness of its products and services and thereby improve its performance.

At around 3:00 PM, Hindustan Media Ventures Ltd is currently trading at Rs52.95 per share up by Rs0.2 or 0.38% from its previous closing of Rs52.75 per share on the BSE.

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