Mumbai: Stock price of Network 18 Media & Investments Ltd shot up by almost 20 per cent on Friday following the move by Reliance Industries Ltd to acquire control in the company, including its subsidiary TV18 Broadcast Ltd, for Rs. 4,000 crore.
The scrip of Network 18 Media soared 19.93 per cent to Rs. 54.15 - its upper circuit limit on the BSE.
On the NSE, it rose by 19.96 per cent to Rs. 54.40.
The market valuation of the company rose by Rs. 942.70 crore to Rs. 5,667.70 crore.
Shares of TV18 also ended 0.57 per cent higher at Rs. 35.15.
The Board of RIL had on Thursday approved funding of up to Rs. 4,000 crore to Independent Media Trust (IMT), of which RIL is the sole beneficiary, for acquisition of control in Network 18 Media & Investments Ltd (NW18), including its subsidiary TV18 Broadcast Ltd (TV18).
The funding includes open offers to be made consequent to the acquisition, RIL had said in a statement. “IMT would use the funds to acquire control over NW18 and TV18 resulting in ownership of about 78 per cent in NW18 and 9 per cent in TV18 and to acquire shares tendered in the open offers,” RIL said.
NW18 is the owner of a suite of premier digital internet properties, e-commerce businesses and differentiated broadcast content.
They include In.com, IBNLive.com, Moneycontrol.com, Firstpost.com, Cricketnext.in, Homeshop18.com, Bookmyshow.com; the broadcast channels include Colors, CNNIBN, CNBC TV18, IBN7, CNBC Awaaz.