GBN IPO opens for subscription

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Global Broadcast News, GBN, owners and operators of one of India's leading 24-hour English language news and current affairs channel - CNN-IBN, is open for subscription with an initial public offering, IPO of equity shares aggregating upto Rs 105 crore.

The price band for the issue is fixed at Rs 230 to Rs 250 per share. The issue will close on January 18, 2007.

Out of the total issue, equity shares aggregating upto Rs 5 crore are being reserved for allotment to eligible employees of the company. The net offer to public would aggregate upto Rs 100 crore. Of this, at least 60% is to be allocated on a proportionate basis to qualified institutional bidders - 5% of this will be available for allocation on a proportionate basis to mutual funds only.

Further upto 10% of the net issue will be available for allocation on a proportionate basis to non-institutional bidders and upto 30% of the net issue will be available for allocation on a proportionate basis to the retail individual bidders.

Global Broadcast News owns and operates one of India's leading 24-hour English language news and current affairs channel, 'CNN-IBN'. CNN-IBN was recently awarded the 'Best English News Channel' at the Hero Honda Indian Television Academy Awards 2006. For the five weeks ended December 2, 2006 it led the English news genre with an average weekly market share of 37.55%, according to TAM Viewership Data (on all India basis, for all individuals above 15 years, from 0700 to 2400 hours).

GBN is part of the TV18 group, which owns and operates some of India's leading business channels and Internet portals. The TV18 group owns and operates channels such as CNBC-TV18 and CNBC Awaaz. In addition, they also operate portals such as www.moneycontrol.com and www.commoditiescontrol.com , etc.

The book running lead managers to the issue are ICICI Securities and Kotak Mahindra Capital Company. The co-book running lead managers to the issue are JM Morgan Stanley and IL&FS Investsmart.

(Note: e-Eighteen.com, which owns moneycontrol.com is a subsidiary of Television Eighteen).