Reliance AGM 2024: RIL, Jio Financial, TV18 Broadcast, Network18 Media close higher after company’s 47th AGM

TV18 Broadcast informed the exchanges on August 28 that the CCI approved the strategic joint venture between the two companies. Earlier this year, on February 28, TV18 Broadcast informed the exchanges about the signing of binding definitive agreements to form a joint venture that would combine the businesses of Viacom18 and Star India.

The company added that, as part of the transaction, Viacom18's media undertaking will be merged into Star India Private Limited (SIPL) through a court-approved scheme of arrangement.

In addition, Reliance Industries Ltd, the parent company of TV18, agreed to invest at closing ₹11,500 crore (US$ 1.4 billion) into the JV for its growth strategy.

The joint venture was valued at ₹70,352 crore ($8.5 billion) on a post-money basis, excluding synergies. The company also said that Reliance Industries Ltd will control it.

Shares of TV18 Broadcast have gained nearly 6% in the last one year. The stock has climbed over 1% year-to-date (YTD). However, shares of the media company have dropped more than 10% in the last six months. The stock rallied 9% in the past month.

TV18 Broadcast Ltd shares closed 7.72% higher at ₹51.61 apiece on the NSE.

Meanwhile, other Reliance Industries Limited stocks also settled in the green amid the company’s ongoing 47th Annual General Meeting (AGM).

Network18 Media and Investments Ltd shares closed 3.13% higher at ₹99.2 apiece on the NSE. Reliance Industries Ltd shares closed at ₹3,042.9 apiece, up 1.55%, on the NSE, while Jio Financial Services shares closed marginally higher at ₹325.5 per share, up 1.01%. Hathway Cable and Datacom Ltd shares closed 0.52% higher at ₹21.35 apiece.

However, Reliance Industrial Infrastructure shares closed lower at ₹1,212.3 apiece, down 0.28%.