Reliance Industries shares settle on flat note

Reliance Industries' stock ended on a flat note on Thursday after rising over 1 per cent during the day following news that Paramount Global has agreed to sell its 13 per cent stake in its Indian TV business to the company for Rs 4,286 crore.

Shares of the country's most valued firm jumped 1.13 per cent to Rs 2,897.35 during the day on the BSE. The stock later ended at Rs 2,865.25 apiece, up 0.02 per cent.

On the NSE, the stock climbed 1.14 per cent to Rs 2,897.05 in intra-day trade. Shares of the company finally ended at Rs 2,870 each, up 0.20 per cent.

The company's market valuation stood at Rs 19,38,539.08 crore.

In terms of volume, 1.63 lakh shares of the company were traded on the BSE and over 92.86 lakh shares on the NSE during the day.

In a stock exchange filing, Reliance said it has signed a binding agreement with two subsidiaries of Paramount Global to acquire 13.01 per cent equity stake of Viacom 18 Media Private Limited held by Paramount Global.

Similarly, in a filing on the US Securities and Exchange Commission (SEC), Paramount Global said the closing of the transaction is subject to the satisfaction of certain customary conditions, including receipt of applicable regulatory approvals, as well as the completion of a previously announced joint venture involving Reliance, Viacom18 and Star Disney.

''After the closing, Paramount will continue to license its content to Viacom18,'' it added.

In its stock exchange filing, Reliance Industries Ltd (RIL) said Viacom18 is a material subsidiary of TV18 Broadcast Ltd. The company currently holds compulsorily convertible preference shares of Viacom18 representing 57.48 per cent equity stake on a fully diluted basis.

Post the completion of this transaction, the company's equity stake in Viacom18 will increase to 70.49 per cent on a fully diluted basis.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)