India's Ambani-owned Network18, TV18 surge on multiple block deals

Network18 Media & Investments

10/01/2024 06:40

** Shares of billionaire Mukesh Ambani-owned Network18
 NEFI.NS  and TV18 Broadcast  TVEB.NS  up 20% and 16%,
respectively
    ** NEFI shares hit highest since Aug 2011 at 119.40 rupees,
while TVEB rises to highest since April 2022
    ** More than 11 mln TVEB shares and 7.3 mln NEFI shares
change hands in multiple blocks - LSEG data
    ** Overall, ~170 mln TVEB shares traded as of 12:00 p.m IST,
6x the 30-day avg, 
    ** TVEB sees most active session since April 2022
    ** Nearly 53 mln NEFI shares traded in morning session, 5x
the 30-day avg
    ** TV18 Broadcast to merge with Network18 in $1.2 bln deal,
effective April 2024



 (Reporting by Sethuraman NR)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))