Global Broadcast to issue 30,00,000 warrants at Rs.815

Global Broadcast News Ltd has announced that the Board of Directors of the Company at its meeting held on August 09, 2007, has considered and approved the allotment of 30,00,000 Convertible Warrants (convertible within 18 months) at a price of Rs 815/- per Convertible Warrant arrived as per the SEBI Guidelines, to Network18 India Holdings Pvt Ltd, a 100% subsidiary of Network 18 Fincap Ltd., on preferential allotment basis, subject to necessary approvals of shareholders. The Board has also constituted a Preferential Allotment Committee.

The stock was trading at Rs.870, up by Rs.6.45 or 0.75%. The stock hit an intraday high of Rs.905 and low of Rs.845. The total traded quantity was 94587 compared to 2 week average of 24696.

Source : Equity Bulls

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