Financial Daily from THE HINDU group of publications
Wednesday, Jan 11, 2006


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Corporate - Announcements

TV 18 raises Rs 40 cr for its new channel

Our Bureau

Mumbai , Jan. 10

TELEVISION Eighteen India Ltd has announced that its group company, Global Broadcast News (GBN) has raised Rs 40 crore from IL&FS Investment Managers Ltd for its news channel CNN-IBN.

CNN-IBN, the general news broadcast channel launched by Global Broadcast News (GBN) in a co-branding agreement with Turner International, announced that the company has concluded a Rs 40-crore private equity-financing round with Leverage India Fund, a fund managed by IL&FS Investment Managers Ltd (IIML).

"The support and funding that we have received from a strong investor such as IIML puts GBN in a strong spot to build on its growing leadership position within the Indian Broadcasting industry," the company said in a notice to BSE quoting Mr Raghav Bahl, Director, GBN.

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