Left Menu
Development News Edition

RIL drops, shares of three group entities surge on consolidation move

PTI | New Delhi | Updated: 18-02-2020 13:16 IST | Created: 18-02-2020 12:56 IST
RIL drops, shares of three group entities surge on consolidation move
Image Credit: ANI

Reliance Industries Ltd (RIL) shares traded marginally lower by 0.91 per cent on Tuesday after the company announced consolidation of all its media and distribution businesses under flagship 'Network18'. Shares of Network18 Media & Investments traded 4.89 per cent higher at Rs 30.05 on the BSE. RIL stock traded at Rs 1,465.

While shares of the three group entities namely Hathway Cable & Datacom, Den Networks and TV18 Broadcast -- which have been merged into Network18 -- rose as much as 20 per cent. Hathway Cable & Datacom gained 20 per cent to hit upper circuit at Rs 23.10 on the BSE. Den Networks stock also touched the upper price band after gaining 9.98 per cent to Rs 59.50.

TV18 Broadcast scrip was trading higher by 12.72 per cent at Rs 28.35. Under the scheme of arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments, which will be an integrated media and distribution company with a revenue of Rs 8,000 crore.

According to the scheme, for every 100 shares of TV18, Hathway and Den, their shareholders would get 92, 78 and 191 shares, respectively, of Network18.

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

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION / BLOG / INTERVIEW

Energy markets post-COVID 19: Recovery may take time, transition to continue

As oil markets have crashed, the experts believe the oil prices will come down drastically and continue making the energy transition a financial burden for many economies for a couple of years.  However, the market alone was never...

'Diya jalao' for COVID 19: Modi needs to practice his teachings and control fake news on social media

In his video message to the nation on Friday the Prime Minister talks about peoples collective power to win the invincible. However, he has made no concreate efforts to win over the confidence and represent the collective power of the polit...

Tourism post-COVID 19: Lessons learned, out-of-box strategies to ensure the revival

In the pre-COVID 19 period the tourism industry was seen with much hope throughout the world. However, the COVID 19 pandemic has completely paralysed the tourism industry and its dependent sectors. The tourism industry in the post-COVID 19 ...

Cybersecurity post-COVID 19: More internet means more threats, stay alert folks!

When supported by adequate digital awareness campaigns and more crackdowns on cybercrimes, increased internet usage will help more people embrace technology and better understand the risks, bringing us closer to unleashing the true potentia...

Videos

Latest News

U.S. Supreme Court postpones April oral arguments

The U.S. Supreme Court on Friday postponed oral arguments scheduled for April as a result of the coronavirus and it remains unclear when several high-profile cases will be heard and decided. The court, which already had delayed cases due to...

Russian ventilators sent to U.S. made by firm under U.S. sanctions

Ventilators delivered by Russia to the United States for coronavirus patients were manufactured by a Russian company that is under U.S. sanctions, Russias RBC business daily reported on Friday. A Russian military plane carrying the ventilat...

BRIEF-United Airlines Says Says Submits Application For U.S. Payroll Grans As Part Of Ongoing Effort To Protect Employee Paychecks

United Airlines Holdings Inc UNITED AIRLINES SAYS SAYS SUBMITS APPLICATION FOR U.S. PAYROLL GRANS AS PART OF ONGOING EFFORT TO PROTECT EMPLOYEE PAYCHECKS Source text for Eikon Further company coverage...

NFL could move 2024 Super Bowl due to Mardi Gras

The NFL is considering moving the 2024 Super Bowl out of New Orleans due to potential conflicts with Mardis Gras that emerged with the pending expansion to a 17-game season. New Orleans, which was awarded Super Bowl LVIII during a meeting i...

Give Feedback