Raghav Bahl’s IBN18 Broadcast Ltd is planning to raise $90 million (Rs 400 crore) through a public issue or a private placement or a qualified institutional placement. Earlier this year the firm had changed its name from Global Broadcast News to IBN18 Broadcast Ltd. The Board of IBN has also called for an Extra-Ordinary General meeting (EGM) on October 1, 2008 to seek shareholders approval on its decision to raise money, the company said in it communique’ to the stock exchange.
Private equity fund IL&FS Investment Managers holds about 8% stake in IBN18 Broadcast. They had invested $9 million in November 2006. Rajdeep Sardesai, who is the Editor-In-Chief, holds a 4% stake while IBN’s director Sameer Manchanda, holds an 8% stake. Another big shareholder is Reliance Capital, holding around 9%.
IBN 18 operates English news channel CNN-IBN and Hindi news channel IBN7. It also runs a Marathi news channel, which is an equal joint venture with Lokmat. IBN has also tied up with Viacom (NYSE: VIA) to launch a general entertainment channel, Colors. IBN18 is trading at Rs 109 as against its 52-week high of Rs 256 per share.
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