GBN to fund Rs 708 million for Hindi news expansion and repayment of debt

MUMBAI: Global Broadcast News Ltd (GBN) will use a major part of the proceeds of its proposed Rs 1.05 billion initial public offering (IPO) for funding expansion into the Hindi news genre and repaying debt.

The company plans to pump in Rs 458.50 million in the Hindi news genre while Rs 250 million will be towards loan repayment. GBN, a TV18 Group company, manages English news channel CNN-IBN and Hindi channel IBN7.

On 25 July, GBN had entered into a share subscription cum shareholders agreement with the members of the Gupta family, BK Fincap Private Limited and Jagran TV Private Limited to subscribe to 76,485 equity shares, or 49 per cent, of the issued capital of BK Fincap for a total consideration of Rs 680 million. BK Fincap is the holding company of Jagran TV Limited which owns and operates the Hindi language news channel, Channel 7.

Out of the total consideration of Rs 680 million, GBN has already paid Rs 336.5 million. GBN is also under a contractual obligation to infuse Rs 115 million in BK Fincap before 31 December, 2006. So GBN will have to make a balance investment of Rs 458.50 million. "We propose to fund the entire expenses for the project through equity, which will be utilised from the net proceeds (0f the IPO)," the company said in its draft red herring prospectus filed with the Securities & Exchange Board of India (SEBI).

Latest Reads
Amazon most advertised brand in BARC week 41

The Broadcast Audience Research Council (BARC) India has released its data for last week’s top advertisers and brands between 6-12 October 2018. The data is a reflection of top 10 advertiser and brands across genre on Indian television (U+R) : 2+ Individuals.

Television TV Channels Viewership
No changes in Bhojpuri, Kannada, Marathi segments in BARC week 41

In the Bengali space, Jalsha Movies and Colors Bangla swapped their third and fourth positions in BARC data week 41. No changes were observed in the Bhojpuri, Kannada and Marathi segments. Moreover, Gemini TV and Zee Telugu swapped their second and third positions in the Telugu sector. Flowers TV...

Television TV Channels Viewership
Anil Ambani’s Reliance sues NDTV for Rs 10,000 cr for Rafale coverage

NDTV has been sued for Rs 10,000 crore by Anil Ambani's Reliance Group in an Ahmedabad court for its reportage on the Rafale fighter jet deal. The lawsuit is filed against NDTV's weekly show, Truth vs Hype, which aired on 29 September.

Television TV Channels News Broadcasting
Republic TV leads English news genre in BARC week 41

Republic TV continued to lead the English news genre as per All India BARC data week 41. No changes were noticed this week in the English business news genre. Aaj Tak maintained its lead across every Hindi news genre for yet another week. Hindi news urban genre remained unchanged. Zee News dropped...

Television TV Channels Viewership
Star Utsav bags leadership in GEC (U+R) in BARC week 41

Star Utsav and Zee Anmol swapped their first and second positions in the Hindi (U+R) genre in Broadcast Audience Research Council (BARC) data for week 41 of 2018. Star Plus and Big Magic exchanged their eighth and ninth positions in the rural market. Star Bharat and Sony Sab swapped their fifth and...

Television TV Channels Viewership
Sony Pictures Networks India (SPN) extends exclusive television and digital rights partnership with ABB FIA Formula E championship

Sony Pictures Network India (SPN) will continue to broadcast each round of the ABB FIA Formula E Championship for a further two seasons across the Indian sub-continent - including India, Pakistan, Sri Lanka and Bangladesh.

Television TV Channels Sports
James Gough’s innovative idea will be incubated with the intent to prototype it at Formula 1®’s Media & Technology Centre

Formula 1® Managing Director of Motorsports, Ross Brawn, and Mercedes-AMG Petronas Motorsport Driver, Lewis Hamilton, today crowned James Gough the winner of this year’s USD $50,000 F1® Innovation Prize at the FORMULA 1 PIRELLI 2018 UNITED STATES GRAND PRIX in Austin.

Television TV Channels Sports
FLIX FIRST SCREENING: &flix makes October spookier with the multi-city theatrical premiere of Goosebumps 2: Haunted Halloween

&flix, the all-new destination for the most-awaited Hollywood blockbusters, brings the much-anticipated sequel Goosebumps 2: Haunted Halloween on Thursday, October 25

Television TV Channels English Entertainment
BIG Ganga Goes All Out to Delight Its Audience This Festive Season, Launches Engrossing Range of Shows

With the festive season right around the corner, BIG Ganga, the number one Bhojpuri channel in the Hindi heartland

Television TV Channels GECs

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories