Reliance Capital said on Monday it had bought a 5 percent stake in Network 18 Fincap Ltd., making its second investment in a broadcasting firm in the last one month.
Shares of Reliance Capital rose as much as 3 percent to a record 812.90 rupees, while Network 18's shares were up as much as 4.5 percent after the announcement.
Network 18 Fincap Ltd. has a 49.18 percent stake in Television Eighteen India Ltd., which operates the CNBC-TV18 and CNBC-Awaaz channels.
Last month, Reliance Capital, a part of the Anil Dhirubhai Ambani group, announced an open offer to raise its stake in television broadcaster TV Today Network Ltd. by up to 20 percent.
Reliance's stake in TV Today had risen to 15 percent — a threshold that triggers a regulatory requirement to offer to buy another 20 percent.
Network 18 also holds a 38.95 percent stake in Global Broadcast News Ltd., which runs English news channel CNN-IBN and Hindi news channel IBN 7.
Source : NDTV Profit