NDTV shares hit upper circuit for 2nd day after Adani Group's hostile takeover bid

On the BSE the share price of NDTV opened at Rs 403.70, the upper circuit limit. This is five per cent higher when compared with its previous day's close at Rs 384.50.

ANIUpdated: Thursday, August 25, 2022, 05:03 PM IST
article-image
Adani's takeover of NDTV halted by SEBI ban on Radhika and Prannoy Roy |

Share price of New Delhi Television Limited (NDTV) hit the upper circuit limit for the second consecutive day on Thursday after Adani Group announced that it would acquire a majority stake in the news channel company.

On the BSE the share price of NDTV opened at Rs 403.70, the upper circuit limit. This is five per cent higher when compared with its previous day's close at Rs 384.50.

The scrip has hit the upper circuit limit for the second consecutive day after Adani Group's announcement of stake purchase.

NDTV share has an upper and lower circuit limit of 5 per cent. The share price of NDTV surged 5 per cent to hit the upper circuit limit of Rs 384.50 soon after the opening of the trade on Wednesday against its previous day's close at Rs 366.20.

On Thursday, the scrip started the trade with the upper circuit limit.

NDTV share has risen sharply in recent months. The 52-week low of NDTV share is Rs 71.15.

AMG Media Networks Limited (AMNL), a wholly owned subsidiary of Adani Enterprises Limited (AEL), on Tuesday made the announcement about the acquisition of 29.18 per cent stake in NDTV.

Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL), has exercised the rights to acquire 99.5 per cent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.

AMNL's wholly owned subsidiary VCPL holds warrants of RRPR Holding Private Limited (RRPR) entitling it to convert them into 99.99 per cent stake in RRPR. VCPL has exercised warrants to acquire 99.5 per cent stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR, Adani Group said in a statement on Tuesday.

RRPR is a promoter group company of NDTV and holds 29.18 per cent stake in NDTV.VCPL, along with AMNL & AEL (persons acting in concert), will launch an open offer to acquire up to 26 per cent stake in NDTV, in compliance with the requirements of the SEBI's (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Adani Group said.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

UP: Mahatma Gandhi Kashi Vidyapith removes guest lecturer over controversial Facebook post on...

UP: Mahatma Gandhi Kashi Vidyapith removes guest lecturer over controversial Facebook post on...

Bhopal: Digvijaya opts out of Cong prez poll race, to be proposer for Kharge

Bhopal: Digvijaya opts out of Cong prez poll race, to be proposer for Kharge

Why do we observe National Voluntary Blood Donation Day? Read to know more

Why do we observe National Voluntary Blood Donation Day? Read to know more

Delhi: 17-year-old stabbed to death by five classmates in Adarsh Nagar

Delhi: 17-year-old stabbed to death by five classmates in Adarsh Nagar

UP: 3 doctors gang rape woman in hospital, booked

UP: 3 doctors gang rape woman in hospital, booked