Reliance Industries Surges Over 1% After Paramount Global Deal
Reliance Industries witnessed a 1% surge in its stock prices following the announcement of a significant deal with Paramount Global. Paramount Global has agreed to sell its 13% stake in its Indian TV business to Reliance Industries for Rs 4,286 crore.
The country’s most valued firm saw its shares rise by 1.13% to Rs 2,897.35 on the BSE and by 1.14% to Rs 2,897.05 on the NSE. This development resulted in Reliance Industries’ market valuation reaching Rs 19,52,171.94 crore in early trading.
According to a stock exchange filing, Reliance Industries has signed a binding agreement with two subsidiaries of Paramount Global to acquire a 13.01% equity stake in Viacom 18 Media Private Limited. This transaction is subject to customary conditions, including regulatory approvals and the completion of a joint venture involving Reliance, Viacom18, and Star Disney.
After the transaction’s closure, Paramount Global will continue to license its content to Viacom18. With Viacom18 being a subsidiary of TV18 Broadcast Ltd, Reliance Industries currently holds compulsorily convertible preference shares representing a 57.48% equity stake. Post the completion of this deal, Reliance’s equity stake in Viacom18 will increase to 70.49% on a fully diluted basis.