Reliance Industries‘ stock climbed over 1 percent on Thursday morning following news that Paramount Global has agreed to sell its 13 percent stake in its Indian TV business to the company for Rs 4,286 crore. Shares of the country’s most valued firm jumped 1.13 percent to Rs 2,897.35 on the BSE.

According to PTI, at the NSE, the stock climbed 1.14 percent to Rs 2,897.05.

The company’s market valuation stood at Rs 19,52,171.94 crore in the early trade.

In a stock exchange filing, Reliance said it has signed a binding agreement with two subsidiaries of Paramount Global to acquire 13.01 percent equity stake of Viacom 18 Media Private Limited held by Paramount Global.

Similarly, in a filing on the US Securities and Exchange Commission (SEC), Paramount Global said the closing of the transaction is subject to the satisfaction of certain customary conditions, including receipt of applicable regulatory approvals, as well as the completion of a previously announced joint venture involving Reliance, Viacom18 and Star Disney.

“After the closing, Paramount will continue to license its content to Viacom18,” it added.

In its stock exchange filing, Reliance Industries Ltd (RIL) said Viacom18 is a material subsidiary of TV18 Broadcast Ltd. The company currently holds compulsorily convertible preference shares of Viacom18 representing 57.48 percent equity stake on a fully diluted basis.

Post the completion of this transaction, the company’s equity stake in Viacom18 will increase to 70.49 per cent on a fully diluted basis.