GBN to raise Rs 600 cr through QIP issue
Global Broadcast News, which is a part of media conglomerate Network18, on Tuesday said it will raise up to Rs 600 crore through institutional placement basis.
By PTI |
MUMBAI: Global Broadcast News, which is a part of media conglomerate Network18, on Tuesday said it will raise up to Rs 600 crore through institutional placement basis.
The company's board of directors at its meeting on Tuesday approved proposal to raise about Rs 600 crore through Qualified Institutional Placement, Global Broadcast said in a filing to the Bombay Stock Exchange.
Further, Global Broadcast News said it would change the name of the company and would also grant up to 2 lakh employee stock options to non executive directors including independent directors.
In order to seek shareholders' approval the company would convene an extra ordinary general meeting.
GBN is a part of the TV18 Group, which owns and operates India's leading business and internet portals. The TV18 group owns and operates channels such as CNBC-TV18 and CNBC Awaaz. It also operates portals such as moneycontrol.com and commoditiescontrol.com.
Shares of GBN closed at Rs 1014, up 2.71 per cent on the BSE.
The company's board of directors at its meeting on Tuesday approved proposal to raise about Rs 600 crore through Qualified Institutional Placement, Global Broadcast said in a filing to the Bombay Stock Exchange.
Further, Global Broadcast News said it would change the name of the company and would also grant up to 2 lakh employee stock options to non executive directors including independent directors.
In order to seek shareholders' approval the company would convene an extra ordinary general meeting.
GBN is a part of the TV18 Group, which owns and operates India's leading business and internet portals. The TV18 group owns and operates channels such as CNBC-TV18 and CNBC Awaaz. It also operates portals such as moneycontrol.com and commoditiescontrol.com.
Shares of GBN closed at Rs 1014, up 2.71 per cent on the BSE.
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