Refile: BUZZ-India's Network18 jumps on report KKR to invest in associate BookMyShow

TV18 Broadcast

17/01/2024 05:49

(Corrects typo in company name in headline)
    ** Shares of Reliance Industries-owned Network18 Media &
Investments Ltd  NEFI.NS  jump 10% to 130.4 rupees    
    ** U.S.-based investor KKR  KKR.N  in advanced negotiations
to invest $250 mln-$300 mln in online ticketing firm BookMyShow,
Economic Times reports, citing sources
    ** NEFI largest shareholder in BookMyShow, owns 37% stake
    ** KKR valuing BookMyShow at 75 bln rupees ($902 mln) - ET;
co last raised funds in 2018, securing $100 mln from private
equity firm TPG
    ** TV18 Broadcast Ltd shares rise 9%, both media firms up
after 3-day losing run
    ** Both stocks opened down after each reporting losses in Q3
    ** NEFI rose 32% in 2023, while TVEB grew 36%, outperforming
Nifty Media Index's ~20% rise
 
 ($1 = 83.1175 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))