The Hindu Business Line : Global Broadcast planning warrants issue

MUMBAI: Global Broadcast News (GBN), a TV18 Group Company, on Friday said it will seek shareholders' approval for raising about Rs 244 crore through the issue of 30 lakh convertible warrants to its group company on preferential basis.

GBN would allot the warrants to Network18 India Holdings, a wholly owned subsidiary of Network18 Fincap, who would be able to apply for equity shares of Global Broadcast from time- to-time in one or more tranches, GBN said in a filing to the Bombay Stock Exchange.

The warrants upon conversion would result in equal number of equity shares of the face value of Rs 10 each. The price of the equity shares upon conversion would be the average of the weekly high and low of the closing prices of the related shares during the six months preceding September 13, the relevant date.

The price can also be determined through the average of the weekly high and low of the closing prices of the related shares during the two weeks preceding the relevant date or at Rs 815 per convertible warrant, whichever is higher.

The results of the postal ballot would be announced on October 13. The shares of GBN were trading at Rs 917.50, down 0.44 per cent on the BSE in afternoon trade. - PTI

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