New Delhi: Media group Global Broadcast News said on 1 May 2007 it plans to raise Rs 800 crore through an overseas listing to fund future expansion.
“We will list the group overseas in the next 4-6 months to raise 200 million dollar. The funds will be used in the group’s next round of expansion,” GBN Joint Managing Director Sameer Manchanda told PTI.
The company, which runs English news and current affairs channel CNN-IBN and has 45% stake in Hindi news channel IBN7, is studying different options for listing in London, Singapore or Luxembourg.
GBN, a part of TV18 group, was listed on the domestic bourses in January this year raising about Rs 105 crore.
While refusing to divulge details, Manchanda said: “We will firm up our plans in a month. There are many growth opportunities in this sector.”
The company is in the process of appointing merchant bankers for the overseas listing, which will also be finalised within a month, he added.
“We will launch number of channels specifically to the Indian market. With the coming up of CAS and DTH, the media sector is expected to grow significantly,” he said, adding apart from news channels, the new ones may include general mass entertainment or lifestyle.
Manchanda claimed CNN-IBN has captured a market share of over 34% among Indian English news channels within 15 months of its launch.