CNN-IBN parent plans overseas listing; to raise Rs800 crore

CNN-IBN parent plans overseas listing; to raise Rs800 crore
PTI
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First Published: Wed, May 02 2007. 12 23 AM IST
Updated: Wed, May 02 2007. 12 23 AM IST
New Delhi: Media group Global Broadcast News (GBN) on 1 May said it plans to raise $200 million (Rs820 crore) through an overseas listing to fund expansion.
“We will list the group overseas in the next four to six months to raise $200 million. The funds will be used in the group’s next round of expansion,” GBN joint managing director Sameer Manchanda said.
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 the TV18 group, was listed on the domestic bourses this January, raising about Rs105 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 finalized within a month, he added.
“We will launch a number of channels specifically for the Indian market. With the coming up of CAS (conditional access service) and DTH (direct-to-home) , the media sector is expected to grow significantly,” he said.
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First Published: Wed, May 02 2007. 12 23 AM IST
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