GBN: Prime Time

Reliance Capital, an Anil Dhirubhai Ambani-promoted company, picked up 6.27 per cent stake (16.75 lakh equity shares) in Global Broadcast News (GBN). The stock gained 22 per cent in last one week to close at Rs 599.25 from Rs 490.25 a week ago on the Bombay Stock Exchange (BSE).

Around 28 million shares changed hands in the last two weeks. The stock, which got listed at Rs 510.10, has more than doubled from its issue price of Rs 250. The company had raised Rs 105 crore through issue of 42 lakh shares.

The company has posted Rs 25.46 crore net loss on a total income of Rs 25.90 crore for the half year ended September, 2006. GBN, part of the TV18 group, owns and operates one of India's leading 24-hour English language news and current affairs channel, CNN-IBN.

Since its launch in December 2005, CNN-IBN, has become one of India's leading English language news channels. The three promoters, Network 18 Fincap (38.95 per cent), RVT Investments (17.55 per cent) and Raggav Bahal (2.72 per cent), hold 59.23 per cent, while institutions holds 16.91 per cent and non-institutions hold the balance post issue stake.