Network18 Media & Investments shares gained on Wednesday after the company along with SAIF Partners and Accel Partners announced an investment of Rs 1.5 billion in the online entertainment ticketing brand BookMyShow.

With this round of financing, BookMyShow is looking to invest in increasing its penetration outside Tier I cities, build on its infrastructure and expand its offering in order to take its customer experience to the next level.

Shares of the company are trading at Rs 62.35, up Rs 1.40, or 2.30% at the Bombay Stock Exchange (BSE) on Wednesday at 9:48 a.m.

The scrip has touched an intra-day high of Rs 63.00 and low of Rs 61.15. The total volume of shares traded at the BSE is 20,747.