Indian IPO

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Saturday, August 19, 2006

TV18’s GBN to raise Rs 105cr, files DRHP with Sebi

India's Global Broadcast News, GBN, a unit of Television Eighteen, which runs the CNN-IBN television channel, said on Friday it aims to raise upto Rs 105 crore (Rs 1.05 billion) in an initial public offering, IPO, reports Reuters.

GBN has filed draft red herring prospectus, DRHP with Sebi.

CNN-IBN is a tie-up between Television Eighteen and Time Warner's Turner International.

"The IPO would strengthen GBN's position in the television news business and tap future growth opportunities," joint managing director of GBN Sameer Manchanda said in a statement.

The joint venture between the two companies was formed in October 2005 and the general news channel has been gaining popularity among English-speaking viewers in Indian cities since its launch.

Television Eighteen, TV18, also runs the business channel, CNBC-TV18.

ICICI Securities, Kotak Mahindra Capital, JM Morgan Stanley and IL&FS Investsmart are the issue managers.

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