Network18 scrip jumps on stake sale buzz

MUMBAI: Raghav Bahl- promoted Network18 Media and Investments? share price went up almost 20 per cent on Tuesday amid media reports that Mukesh Ambani is looking to acquire a stake in the media conglomerate.

The Network18 scrip touched an intraday high of Rs 43.35 per share, before closing at Rs 37.70, or 4.29 per cent higher than the previous close on the BSE.

Earlier, media reports suggested, quoting sources, that Mukesh Ambani, either in his personal capacity, or via Reliance Industries, is going to acquire stake in Network18. The reports also said that one of the options being considered was for Ambani to take a minority stake in Network18 and then combine the latter with Eenadu TV (ETV).

However, Network18 has issued clarifications on the news. It said that currently it has not concluded any agreement in connection with any proposed investment. ?The company have not commented on the news item as it is the policy of the company not to comment on any rumours or speculative news,? it said.