Shares of TV18, Network18 rally on open offers

Tags: News
hares of Network 18 Media & Investments surged 20 per cent on Friday, hitting the upper circuit towards the end of the trading session as investors reacted to Thursday’s announcement by Reliance Industries to acquire controlling stake in the media group for a consideration of Rs 4,000 crore.

Shares of Network18 closed 19.93 per cent higher at Rs 54.15, the highest close since November 11, 2011. The closing price was 32 per cent higher than the open offer price of Rs 41.04. TV18 Broadcast added 0.57 per cent to Rs 35.15, 16.46 per cent higher than the open offer price of Rs 30.18. Infomedia hit the 5 per cent upper circuit at Rs 3.37.

RIL on Thursday offered Rs 41.04 per share for 746 million shares in Network18, Rs 30.18 per share for 446.50 million shares in TV18 Broadcast and Rs 3 for 130 million shares of Infomedia Press. RIL board has approved the funding of up to Rs 4,000 crore to Independent Media Trust to acquire control of Network 18 and TV18. The trust will use the funds to buy 78 per cent stake in Network 18, 9 per cent in TV18 Broadcast and to buy out Infomedia Press.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture