Network 18 Media & Investments Hits 52-Week High After Rs 155.50 Crore Deal

21 Mar 2024 , 05:48 PM

Shares of Network 18 Media & Investments surged to a 52-week high of Rs 119.40, locked in a 20% upper circuit on January 10, following a significant Rs 155.50-crore transaction. Approximately 1.3 crore shares, constituting 1.3% equity, changed hands in the deal, with the buyers and sellers yet to be identified.

In a parallel development, subsidiary TV18 Broadcast also experienced a substantial deal, involving 1.2 crore shares, equivalent to 0.7% equity, in a transaction valued at Rs 78 crore. Post the significant transaction, shares of TV18 Broadcast witnessed a nearly 16% surge, trading at Rs 64.65 on the NSE at 12.55 pm.

Network18 currently holds a 51.17% stake in TV18 Broadcast. The two entities, in December of the previous year, revealed plans for a scheme of arrangement where TV18 and E18 would merge with Network18.

The consolidated entity is set to include TV18's television portfolio with 20 news channels in 16 languages and CNBC-TV18.com, along with Network18's digital assets featuring the News18.com platform in 13 languages, Firstpost, and the Moneycontrol website and app. Viacom18, recognized for its Jio Cinema platform and 40 TV channels, will transition into a direct subsidiary of Network18. Notably, Network18 will retain its investment in BookMyShow.

The share exchange ratio for the merger stands at 100 shares of Network18 for every 172 shares of TV18 and 19 shares of Network18 for every share of E18.