GBN fixes price band for its IPO at Rs 230 to Rs 250 per share

Mumbai, Jan 09 (UNI) Global Broadcast News Ltd, which runs one of India's leading 24-hour English language news and current affairs channel, has embarked on expansion into Hindi news genre.

Announcing this, Mr Sameer Mandanda, Director, GBN told reporters here today that the company is set to enter the capital market with an initial public offering of equity shares aggregating up to Rs 105 crore with a view to partfinance the expansion into Hindi news genre.

GBN is part of the TV 18 group, which owns and operates business channels such as CNBC-TV18 and CNBC Awaaz besides internet portals.

The price band for the issue, which will open on January 15, 2007 and close on January 18, 2007, has been fixed at Rs 230 to Rs 250 per share.

Replying to a question, Mr Mandanda said a part of the investment for expansion of the channel into Hindi news genre will be done by members of the Gupta family, BK Fincap Private Ltd and Jagran TV Private Ltd under which GBN has subscribed to 76,485 equity shares, for a consideration of Rs 68 crore.

The Book Running Lead Managers(BRLM) to the issue are ICICI Securities and Kotak Mahindra Capital Company, while Co-BRLM to the issue are JM Morgan Stanley and IL&FS Investsmart.

UNI