India's TV18 Broadcast and Network18 Media slump on $1.2 bln merger announcement

TV18 Broadcast

07/12/2023 05:10

** Indian media companies TV18 Broadcast  TVEB.NS  and
Network18 Media & Investments  NEFI.NS  down as much as 10.94%
and 10.31%, respectively, to 50.05 rupees and 88.3 rupees 
    ** Cos announce $1.2 billion merger deal to help cut costs
and expand reach 
    ** NEFI to issue 100 shares for every 172 shares of TVEB,
valuing the latter at a 1.9% premium to its closing price on
Wednesday 
    ** The two stocks had surged 33.7% and 18.8% each, in the
previous six sessions
    ** Stocks last down 7.3% and 7.6% each, Nifty media index
 NIFTYMED  is down 0.5% 

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))