Company History: 2006- Global Broadcast News Ltd (GBN) a TV18 Group company and owner of CNN-IBN has filed its draft red herring prospectus with the Securities & Exchange Board of India to enter the capital market with its initial public offering of equity shares. The company proposes to raise up to Rs 105 crore through the issue of equity shares of Rs 10 each for cash at a premium to be decided through the 100 per cent book-build process.
Our Company was incorporated on June 6 2005 under the Companies Act as Global Broadcast News Private Limited. Subsequently our Company became a public limited company under Section 44 of the Companies Act with effect from December 12 2005 and the name of the Company was changed to Global Broadcast News Limited.
The registered office of the Company was originally situated at 9th Floor Videocon Tower E-1 Rani Jhansi Road Jhandewalan Extension New Delhi 110 005 which was later shifted to B-2 Kailash Apartment Lala Lajpat Rai Marg New Delhi 110 048 with effect from November 15 2005.
Scheme of Amalgamation
Pursuant to resolutions of the Board of Directors of SRH and our Company dated May 2 2006 we have made an application to the High Court of Delhi for approval of a scheme of amalgamation between our Company and SRH ("Scheme of Amalgamation").
Upon successful implementation of the Scheme of Amalgamation the whole of the undertaking of SRH comprising all of its assets and liabilities shall be transferred to and vested in and/or be deemed to be transferred to and vested in our Company. In consideration for the same our Company shall issue and allot Equity Shares at par to each shareholder of SRH in the swap ratio as specified under the Scheme of Amalgamation. For details see section titled "Restructuring" beginning on page 2 of this Draft Red Herring Prospectus.
Major Events
Year Event
June 2005 Global Broadcast News Limited was incorporated as a private limited company.
August 2005 Global Broadcast News Limited received permission from the MIB to uplink an English news television channel.
October 2005 Brand license agreement with CNN and news services agreement with Turner were executed.
December 2005 CNN-IBN the 24 hour English news channel was launched.
July 2006 Our Company entered into a share purchase share subscription and shareholders agreement with Gupta family BK Fincap Private Limited Jagran TV Private Limited and others in relation to acquisition of equity shares in BK Fincap Private Limited.
