Shares of Network 18 Media & Investments extended gains for a second day in a row on January 11, after being locked in 20 percent upper circuit in the previous trading session. At 10 am, the stock gained over 2.7 percent to Rs 122.65 on the NSE.
Around 1.3 crore shares, representing a 1.3 percent equity, changed hands on January 10 in a Rs 155.50-crore deal. Moneycontrol could not immediately identify the buyers and sellers involved in the transaction.
Another large deal took place in subsidiary TV18 Broadcast on the same day. Around 1.2 crore shares of TV18 Broadcast, making up 0.7 percent equity, changed hands in the transaction worth Rs 78 crore.
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Network18 owns a 51.17 percent stake in TV18 Broadcast. In December last year, the two companies announced a scheme of arrangement under which TV18 and E18 will merge with Network18.
The merged entity will comprise the television portfolio of TV18, consisting of 20 news channels in 16 languages and CNBC-TV18.com. Additionally, it will include the digital assets of Network18, encompassing the News18.com platform across 13 languages and Firstpost, along with the Moneycontrol website and app. Viacom18, known for its Jio Cinema platform and 40 TV channels, will become a direct subsidiary of Network18. Notably, Network18 will retain its investment in BookMyShow.
In terms of the share exchange ratio, it stands at 100 shares of Network18 for every 172 shares of TV18, and 19 shares of Network18 for every share of E18.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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