Reliance Industries Ltd (RIL) stock was on Tuesday trading marginally lower by 0.8 per cent after the company announced consolidation of all its media and distribution businesses under one umbrella brand 'Network18'.
However, shares of the three consolidated companies namely Hathway Cable & Datacom, Den Networks and TV18 Broadcast traded in the green gaining up to 20 per cent.
While Hathway Cable & Datacom gained 20 per cent to hit upper circuit at Rs 23.10 on the BSE, Den Networks stock also touched the upper price band after gaining 9.98 per cent to Rs 59.50.
TV18 Broadcast scrip was trading higher by 12.52 per cent at Rs 28.30.
Under the scheme of arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments, which will be an integrated media and distribution company with a revenue of Rs 8,000 crore.
According to the scheme, for every 100 shares of TV18, Hathway and Den, their shareholders would get 92, 78 and 191 shares, respectively, of Network18.
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