GBN to raise Rs 244cr from Network 18 firm

The board of directors of Global Broadcast News (GBN), which met today, approved a proposal to allot 30 lakh convertible warrants (convertible within 18 months) at Rs 815 per warrant to Network 18 India Holdings, a 100% subsidiary of Network 18 Fincap.

According to a release issued by GBN to the BSE today, the allotment would be on preferential basis, subject to necessary approvals of shareholders.