IBN18 Broadcast to raise Rs114 cr through pvt placement

IBN18 Broadcast to raise Rs114 cr through pvt placement

Mumbai: Media firm IBN18 Broadcast on Tuesday said it will raise Rs114.28 crore through private placement of shares to qualified institutional buyers (QIB).

The company would issue 1.12 crore shares at a price of Rs102, aggregating Rs114.28 crore to QIBs, IBN18 Broadcast said in a filing to the Bombay Stock Exchange (BSE).

Network18, through its holding in IBN18 Broadcast Ltd (IBN18), operates in the general news and entertainment space with leading general news channels CNN-IBN and IBN7 and has launched IBN Lokmat, a Marathi news channel in partnership with the Lokmat group.

Further, IBN18 also operates a joint venture with Viacom, called Viacom18, which houses the MTV, VH1 and Nickelodeon channels in India, as also Studio18, the group’s film entertainment operation and has launched Colors, a Hindi general entertainment channel.

Additionally, Network18 holds the group’s online and on-air home shopping venture, Homeshop18 and its full spectrum events management venture, E18.

IBN18 Broadcast closed at Rs101.95, up 1.34% on the BSE.