At the same time, RIL group, through an independent trust, would provide funding to promoters of Raghav Bahl-led Network 18 group for acquiring shares in their two companies - Network 18 and TV18 - through their respective rights issues.

The shares of RIL, the country's most valued firm, rose by 2.4 per cent to close at Rs 723.70. Shares of another group company Reliance Industrial Infrastructure Ltd rose by 4.8 per cent to Rs 302.10.

On the other hand, Network 18 Media and Investments Ltd shares soared 20 per cent to close at its maximum permissible limit for the day at Rs 46.60. Shares of TV18 Broadcast Ltd also rallied 20 per cent to close at Rs 33.70, its highest permissible limit for the day.

As per the deal, RIL would be selling "a part of the interest owned by it in the ETV Channels" to TV18.

While RIL did not specify the exact financial details of various transactions, TV18 said its board has approved an outlay of up to Rs 2,100 crore for the proposed acquisition of ETV assets.

In all, Network 18 and TV18 would raise about Rs 4,000 crore including Rs 1,700 crore contribution of the promoters.

As per the deal, RIL, which is setting up a pan-India broadband network, would also get preferential access to content and distribution assets of the electronic media group.

RIL said it has invested about Rs 2,600 crore, through its group companies, for interest in various ETV channels, being operated and managed by Eenadu group.

After the deal, Network 18 group would get the board and management control of the ETV news channels and ETV non-Telugu entertainment channels.