GBN plans to raise up to Rs 600 cr

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Posted online: Mumbai, February 15: IST

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Friday , February 15, 2008 at 1826 hrs Global Broadcast News (GBN), which is part of media conglomerate Network18, on Friday said it plans to raise up to Rs 600 crore through issue of securities to Qualified Institutional Buyers (QIBs).

The firm would issue equity shares, fully convertible debentures and optionally convertible debentures, among others, it said in a filing to the Bombay Stock Exchange.

Further, the company plans to change its name to ‘ibn18 Broadcast Ltd’.

These proposals are subject to shareholders approval during the Extra Ordinary General Meeting (EGM) scheduled to be held on March 10.

Through its holding in GBN, Network18 operates general news channels CNN-IBN and IBN7.

Shares of the company closed at Rs 922, up 1.59 per cent on the BSE.

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GBN plans to raise up to Rs 600 cr

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