GBN to pay Rs 20cr for 10% stake in Jagran TV

The board of directors of Global Broadcast News (GBN), which met today, approved the acquisition of 13,47,231 equity shares constituting 10.01% of the issued and subscribed share capital of Jagran TV.

According to a release issued by GBN to the BSE today, Jagran TV is the owner of the 24-hour general Hindi news channel IBN 7.

The 10.01% stake has been bought from New Vernon Private Equity, a Mauritius-based private equity fund, for an agreed price of Rs 20 crore.