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.

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