Shares of Network 18 Media and Investments, TV18 Broadcast, Den Networks and Hathway Cable and Datacom rose between 5 and 20 percent on Tuesday after parent Reliance Industries announced the consolidation of its media and distribution businesses under Network 18.

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At 9.46 AM, shares of TV18 Broadcast traded 14 percent higher at Rs 28.60. Network 18 shares were locked in 5 percent upper circuit at Rs 30.15 apiece, while Hathway Cable shares were trading 20 percent up at Rs 23.10 a piece. Den Networks shares quoted at Rs 58.30 apiece, up 7.66 percent on NSE.

RIL said that Network 18, one of India’s largest listed media companies, will become an entity with about Rs 8,000 crore in annual revenue and benefit from substantial economies of scale.

“The aggregation of a content powerhouse across news and entertainment (both linear and digital) and the country’s largest cable distribution network under the same umbrella shall boost efficiency and exploit synergies, creating value for all stakeholders,” Reliance said in a statement on Monday after the boards of TV18 Broadcast, Hathway Cable & Datacom, Den Networks and Network18 Media & Investments approved the consolidation.

For every 100 shares they own, shareholders of TV18 Broadcast will receive 92 shares of Network 18. Hathway shareholders will get 78 shares and Den shareholders 191 shares of Network18.

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