Shares of Reliance Capital rose by 4.5 per cent today after the company entered into a Rs 1,900-crore deal with Zee group to sell 100 per cent stake in its general entertainment TV channels and 49 per cent stake in radio business as part of measures to reduce debt.
The stock gained 4.47 per cent to end at Rs 438.60 on BSE. Intra-day, it surged 5.94 per cent to Rs 444.80.
On NSE, shares of the company jumped 4.39 per cent to close at Rs 438.35.
In terms of volume, 6.21 lakh shares of the company were traded on BSE and over 37 lakh shares changed hands at NSE during the day.
"Zee Entertainment Enterprises Ltd (ZEEL), a separate entity under Zee group, will acquire 100 per cent stake in the Group's General Entertainment TV business," Reliance Capital said in a statement.
The company would transfer 49 per cent of its radio business, to Zee Media Corporation Ltd (ZMCL), which operates 11 news channels and publishes newspaper DNA, it said.
"The transaction pegs the combined Enterprise value of Radio and TV business at approx Rs 1,900 crore (USD 283 million)," Reliance Capital said.
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