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GBN to raise Rs 105 cr via IPO

GBN to raise Rs 105 cr via IPO

Discuss GBN to raise Rs 105 cr via IPO within the Stock Markets Tips & Gyan !! forums, part of the Quiz , Marketplace and Community games category; New Delhi: Global Broadcast News Ltd, a TV18 group company, which also owns IBNLive, on Friday said it has filed ...

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GBN to raise Rs 105 cr via IPO
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GBN to raise Rs 105 cr via IPO - August 18th, 2006

New Delhi: Global Broadcast News Ltd, a TV18 group company, which also owns IBNLive, on Friday said it has filed its red herring prospectus with the Securities and Exchange Board of India to enter the capital markets with its Initial Public Offer of shares.
GBN, which owns the news channel CNN-IBN and IBNLive, proposes to raise up to Rs 105 crore through an initial public offer of equity shares of Rs 10 each for cash at a premium, which would to be decided through 100 per cent book building process, a company statement said.
The retail portion of the IPO comprises of Rs 100 crores and the issue of equity shares aggregating up to Rs 5 crore is reserved for the employees.
Of the net offer to public, 60 per cent is reserved for allotment to Qualified Institutional Buyers on a proportionate basis, 5 per cent of which will be available for allotment to mutual funds.
Further, up to 10 per cent of the net offer to public is reserved for allotment to non-institutional investors and the balance of up to 30 per cent for allotment to retail investors, it said.
"The IPO is an important milestone in realising our larger corporate vision. It would help strengthen GBN's position in the television news business and tap future growth opportunities," GBN Joint Managing Director Sameer Manchanda said.
The Book Running Lead Managers to the issue are ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd. JM Morgan Stanley Limited and IL&FS Investsmart Limited are the Co- Book Running Lead Managers.



Source : IBN
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