IBN 7 to be merged with GBN; 5:1 stock split announced

MUMBAI: Global Broadcast News Ltd today announced the merger of Hindi news channel IBN-7 within itself after acquiring the balance stake in the holding company and a 5-for-1 stock split.

The balance stake in Jagran TV Pvt LTD, the joint venture holding company, is presently with the Gupta family, IBN 7's original promoters and owners of Hindi print major Dainik Jagran.

GBN will issue 1,467,390 shares of Rs 10 each (4. 45 per cent of GBN's capital after dilution and exercise of 3,000,000 warrants) to the Gupta family for the balance stake in Jagran TV. A further 1,793,478 equity shares of RS 10 each of GBN will be held in a Trust.

"The Board also accorded approval for sub-division of the nominal value of its equity share from the present RS 10 per share to RS 2 per share resulting in a 5-for-1 stock split," according to an official statement.

The announcement follows GBN's acquisition earlier this week of a 10 per cent direct stake in Jagran TV from New Vernon Pvt Equity LTD for RS 200 million. Prior to that transaction, GBN held a 49 per cent stake in the joint venture holding company BK Fincap, which held 90 per cent stake of Jagran TV (the remainder being with New Vernon).

Besides, IBN 7, GBN also owns CNN IBN. It is also entering the regional news space with the launch of a Marathi news channel with Lokmat Group.

Through GBN, Network18 operates a joint venture with Viacom called Viacom18. The JV operates the MTV, VH1 and Nickelodeon channels in India - as also Studio18, the Group's filmed entertainment operation and will be launching a Hindi general entertainment channel.

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