Global Broadcast to raise Rs 244 cr by issuing warrants
Global Broadcast News will seek shareholders' approval for raising about Rs 244 crore by issuing 30 lakh convertible warrants.
By PTI |
MUMBAI: Global Broadcast News (GBN), a TV18 Group Company, on Friday said it will seek shareholders' approval for raising about Rs 244 crore by issuing 30 lakh convertible warrants to its group company on preferential basis.
GBN would allot the warrants to Network18 India Holdings, a wholly-owned subsidiary of Network18 Fincap, who would be able to apply for equity shares of Global Broadcast from time-to-time in one or more parts, GBN said in a filing to the Bombay Stock Exchange.
The warrants upon conversion would result in equal number of equity shares of the face value of Rs 10 each.
The price of the equity shares upon conversion would be the average of the weekly high and low of the closing prices of the related shares during the six months preceding September 13, the relevant date.
The price can also be determined through the average of the weekly high and low of the closing prices of the related shares during the two weeks preceding the relevant date or at Rs 815 per convertible warrant, whichever is higher.
The results of the postal ballot would be announced on October 13.
Shares of GBN were trading at Rs 917.50, down 0.44 per cent on BSE in afternoon trade.
GBN would allot the warrants to Network18 India Holdings, a wholly-owned subsidiary of Network18 Fincap, who would be able to apply for equity shares of Global Broadcast from time-to-time in one or more parts, GBN said in a filing to the Bombay Stock Exchange.
The warrants upon conversion would result in equal number of equity shares of the face value of Rs 10 each.
The price of the equity shares upon conversion would be the average of the weekly high and low of the closing prices of the related shares during the six months preceding September 13, the relevant date.
The price can also be determined through the average of the weekly high and low of the closing prices of the related shares during the two weeks preceding the relevant date or at Rs 815 per convertible warrant, whichever is higher.
The results of the postal ballot would be announced on October 13.
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Shares of GBN were trading at Rs 917.50, down 0.44 per cent on BSE in afternoon trade.
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