IBN Parent Gets Govt Nod To Raise Rs 500 Crores; Sell 26 Percent Stake
By Rafat Ali - Tue 25 Dec 2007 04:41 AM PST
Something about Rs 500 crores these days...the number is in fashion. First Naukri.com parent decides to raise the amount, and now Global Broadcast News Ltd., parent of CNN-IBN and IBN-7 and part of Network18 Group, has received permission from the government to induct up to 26 percent foreign direct investment (including foreign institutional investors). The clearance from FIPB came in a meeting on Dec 14th, reports Indiantelevision.
GBN had raised Rs 105 crores from the capital market with an IPO early this year, and had earlier taken board approval to raise capital up to $200 million by way of international offerings.
Posted in: Companies, Network18, JV & Investment
