GBN to raise Rs 105 cr; IPO opens on Jan 15
Global Broadcast News, the owners of news channel CNN-IBN will enter the capital market with its Initial Public Offer to raise Rs 105 crore in a price band of Rs 230 and Rs 250 per share.
The issue opens on January 15 and will close on January 18, the company said today.
Proceeds of the issue would be used for expansion into the Hindi news genre by investment into BK Fincap Pvt Ltd, the holding company of Jagran TV Pvt Ltd, which owns the Hindi news channel IBN7.Parts of the proceeds would also be utilised for loan repayment and general corporate purposes.
Out of the total issue, equity shares aggregating up to Rs five crore are being reserved for allotment to eligible employees of the company, while, net offer to public would aggregate up to Rs 100 crore.
At least 60 per cent is to be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs) and 30 per cent for retail subscribers.ICICI Securities and Kotak Mahindra Capital are the book running managers to the issue and JM Morgan Stanley and IL&FS the co-book lead managers.
GBN is a part of the TV 18 Group, which owns and operates India's leading business and Internet portals.The TV 18 group owns and operates channels such as CNTV18 and CNBC Awaaz and also operates portals such as moneycontrol.com and commoditiescontrol.com.
The issue opens on January 15 and will close on January 18, the company said today.
Proceeds of the issue would be used for expansion into the Hindi news genre by investment into BK Fincap Pvt Ltd, the holding company of Jagran TV Pvt Ltd, which owns the Hindi news channel IBN7.Parts of the proceeds would also be utilised for loan repayment and general corporate purposes.
Out of the total issue, equity shares aggregating up to Rs five crore are being reserved for allotment to eligible employees of the company, while, net offer to public would aggregate up to Rs 100 crore.
At least 60 per cent is to be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs) and 30 per cent for retail subscribers.ICICI Securities and Kotak Mahindra Capital are the book running managers to the issue and JM Morgan Stanley and IL&FS the co-book lead managers.
GBN is a part of the TV 18 Group, which owns and operates India's leading business and Internet portals.The TV 18 group owns and operates channels such as CNTV18 and CNBC Awaaz and also operates portals such as moneycontrol.com and commoditiescontrol.com.
posted by SY at 12:01 PM
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