Global News Broadcast to raise Rs 2.4 billion from Network 18 firm

MUMBAI: Global News Broadcast (GBN) board has approved a proposal to allot three million convertible warrants at Rs 815 per warrant to Network 18 India Holdings. The conversion period is within 18 months. Network 18 India Holdings is a wholly owned 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.