Television

Global Broadcast News announces Rs 1 billion IPO

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MUMBAI: Global Broadcast News Ltd (GBN), which manages English news channel CNN-IBN and Hindi channel IBN7, has announced plans to raise Rs 1.05 billion through the capital market. The GBN, a TV18 Group company has filed its s draft red herring prospectus (DRHP) with the Securities & Exchange Board of India, according to an official statement.

The company proposes to raise up to Rs 1.05 billion through the issue of equity shares of Rs 10 each for cash at a premium to be decided through the 100 per cent book-build process. The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.

The net issue to public comprises the issue of equity shares aggregating up to Rs 1 billion, and the issue of equity shares aggregating up to Rs 50 million is reserved for the employees. Of the net offer to public, 60 per cent is reserved for allotment to qualified institutional buyers on a proportionate basis, 5 per cent of which will be available for allotment to mutual funds. Further, up to 10 per cent of the net offer to public is reserved for allotment to non-institutional investors and the balance of up to 30 per cent for allotment to retail investors.

GBN joint managing director Sameer Manchanda says, "The IPO is an important milestone in realizing our larger corporate vision. It would help strengthen GBN's position in the television news business and tap future growth opportunities"

The book running lead managers to the issue are ICICI Securities Ltd and Kotak Mahindra Capital Company Limited. JM Morgan Stanley Limited and IL&FS Investsmart Limited are the co- book running lead managers.

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