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Network18, TV18 stocks rise after consolidation announcement
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SME Times News Bureau | 18 Feb, 2020
Shares of Network18, TV18,
Hathway and Den Networks surged on Tuesday after Reliance Industries'
announcement of consolidating the four entities into Network18.
Late
on Monday evening, RIL announced a consolidation of its media and
distribution businesses spread across multiple entities into Network18
and said that its stake in Network18 will reduce from 75 per cent to 64
per cent upon implementation of the scheme.
At 10.30 a.m., stocks
of Network18 on the BSE were at Rs 30.05, higher by 4.89 from the
previous close, and shares of TV18 were 14.12 per cent higher at Rs
28.70 per share.
Hathway Cable Datacom was at Rs 23.10 up 20 per
cent, and stocks of Den Networks were up nearly 10 per cent at Rs 59.50
per share.
In its statement on Monday, RIL said: "The appointed
date for the merger shall be February 1, 2020. The Board of Directors of
the respective companies approved the scheme of amalgamation and
arrangement at their meetings held today."
The broadcasting
business will be housed in Network18 and the cable and ISP businesses in
two separate wholly owned subsidiaries of Network18. The company said
that the restructuring would create value-chain integration, and render
substantial economies of scale.
Post the consolidation, Network18
will be an integrated media and distribution company with a revenue of
Rs 8,000 crore and will scale-up as one of the largest listed players in
the sector, according to the company. Network18 will be net-debt free
at consolidated level, providing a solid base for growth as well as
improved shareholder returns, the statement said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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