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Network18 Media Shares Slump Over 10% On TV, Digital Merger Plan

TV18 broadcast shareholders will get 100 fully paid-up shares of Network18 for every 172 shares held in the broadcast company.

Ananya Chaudhuri

Network18 Media will merge TV18 Broadcast and Moneycontrol with itself

Shares of Network18 Media & Investment Ltd. slumped over 10% on Thursday after it announced the merger of its television and digital business.

TV18 broadcast shareholders will get 100 fully paid-up equity shares of Rs 5 each of Network18 for every 172 equity shares held in the broadcast company, an exchange filing said.

While, e-Eighteen.com Ltd. shareholders will get 19 fully paid-up equity shares of Rs 5 each of Network18, for every one equity share held in the digital unit.

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Shares of the company fell 10.31%, before paring loss to trade 8.48% lower at 09:56 a.m. This compares to a 0.27% decline in the NSE Nifty 50.

The stock has risen 36.16% on a year-to-date basis. Total traded volume so far in the day stood at 9.4 times its 30-day average. The relative strength index was at 60.87.

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Ananya Chaudhuri
Ananya Chaudhuri covers financial markets news and trends at NDTV Profit. S... more
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