Global Broadcast News sets Rs 230-250 price band for public issue

MUMBAI: Global Broadcast News Ltd, owners and operators of English news channel CNN-IBN, has set a price band of Rs 230 to Rs 250 for its Rs 1.05 billion initial public offering (IPO).

The issue will open on 15 January and close on 18 January. The proceeds of the IPO will be used to meet the company's growth plans and to complete the acquisition of Hindi channel IBN-7.

"This is the second company we are taking to the markets. All future channel launches, which will be in the general news space will be through this company," TV18 managing director Raghav Bahl said at an analysts meet in Mumbai today. TV18, which holds the business channels CNBC TV18 and CNBC Awaaz, was listed late last month after being restructured to meet regulatory guidelines.

GBN will also hold 15 per cent in Web18, the company that holds all the internet properties of TV18.

After the listing, foreign institutional investors will have a limit of investing upto 18 per cent. "GBN will have a foreign holding of eight per cent through Network18. This will mean that FIIs can hold 18 per cent in GBN," Bahl clarified. Regulation permits news channels uplinking from India to have a maximum foreign holding of 26 per cent.

The IPO is lead managed by ICICI Securities and Kotak Mahindra Capital Company Ltd. The co-book running lead managers to the issue are JM Morgan Stanley and IL&FS Investment.

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