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The proceeds of the issue would be used for expansion into the Hindi news genre by investment into BK Fincap Pvt Ltd, the holding company of Jagran TV Pvt Ltd, owning the Hindi news channel IBN7. Parts of proceeds would also be utilised for loan repayment and general corporate purposes.
"Out of the total issue, equity shares aggregating upto Rs 5 crore (Rs 50 million) are being reserved for allotment to eligible employees of the company. The net offer to public would aggregate up to Rs 100 crore (Rs 1 billion)," Sameer Manchanda, joint managing director, Global Broadcast News said.
At least 60 per cent is to be allocated on a proportionate basis to qualified institutional buyers and 30 per cent for retail subscribers, he added.
The issue opens on January 15 and closes on January 18, 2007. ICICI Securities and Kotak Mahindra Capital are the book running managers to the issue and JM Morgan Stanley and IL&FS the co-book lead managers.
GBN is a part of the TV 18 Group, which owns and operates India's leading business and internet portals. The TV 18 group owns and operates channels such as CNBC-TV18 and CNBC Awaaz and also operates portals such as moneycontrol.com and commoditiescontrol.com.