IL&FS fund invests Rs 400 million in TV18's Global Broadcast News

MUMBAI: Global Broadcast News (GBN), a Television Eighteen Group company, has raised Rs 400 million from Leverage India Fund, a fund managed by IL&FS Investment Managers Ltd (IIML). learns that GBN has been valued at slightly over Rs 4 billion.

According to sources close to the deal, Leverage India Fund will hold a minority stake in GBN at a later stage. GBN owns and runs the newly launched English-language general news channel, CNN IBN.

"The support and funding that we have received from a strong investor like IIML puts GBN in a strong spot to build on its growing leadership position within the Indian broadcasting industry," GBN director and TV18 Group managing director Raghav Bahl said in a communication to the Bombay Stock 

Exchange today.

GBN, which has plans to run a slew of TV channels, had inked a co-branding deal in 2005 year with Turner International (a Time Warner company), owners of CNN.

Last year, the TV18 Group had announced a restructuring to comply with government norms related to news channels that mandates foreign investment in news channel uplinking from India cannot be over 26 per cent.

The business news operations (including Awaaz and CNBC TV18) is being consolidated in TV18, whereas Network 18 India Holdings Ltd will hold majority stakes in TV18 and GBN.

Television Eighteen stock today closed on the Bombay Stock Exchange at Rs 411.40, having opened the day at Rs 420.

(1 US$ = Rs 44)

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