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Global Broadcast News issue opens on January 15

11-January-2007
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Global Broadcast News issue opens on January 15

Global Broadcast News Ltd, owners and operators of 24-hour English language news and current affairs channel CNN-IBN, is entering the capital market with an initial public offering of equity shares aggregating up to Rs.105 crore. The price band for the issue has been fixed at Rs 230 to Rs 250 per share. The issue will open on January 15, 2007 and close on January 18, 2007.

Out of the total issue, equity shares aggregating up to Rs 5 crore are being reserved for allotment to eligible employees of the company. The net offer to public would aggregate up to Rs 100 crore. Of this, at least 60 per cent would be allocated on a proportionate basis to qualified institutional bidders – 5% of this would be available for allocation on a proportionate basis to mutual funds only. Further, up to 10 per cent of the net issue would be available for allocation on a proportionate basis to non-institutional bidders and up to 30 per cent of the net issue would be available for allocation on a proportionate basis to retail individual bidders.

GBN is part of the TV18 Group, which owns and operates some of India’s leading business channels such as CNBC-TV18 and CNBC Awaaz. In addition, they also operate portals such as Moneycontrol.com and Commoditiescontrol.com, among others.

The book running lead managers to the issue are ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd. The co-book running lead managers to the issue are JM Morgan Stanley Pvt Ltd and IL&FS Investsmart Ltd.

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