NDTV share price hits 5% upper circuit for 2nd day straight, more than triples investors’ money YTD

NDTV share price hits 5% upper circuit for 2nd day straight, more than triples investors’ money YTD

NDTV share price touched 5 per cent upper circuit limit at Rs 403.70 apiece,  also its 52-week high, amid the Adani group making an offer to take over the media firm. In two days, NDTV’s market valuation has jumped Rs 241.78 crore to Rs 2,602.71 crore on BSE. In the broader market, S&P BSE Sensex quoted 300 points or 0.54 per cent higher at 59,404 while the NSE Nifty 50 climbed 102 points or 0.6 per cent to 17,707. In the previous session too, NDTV stock price had touched the upper circuit. NDTV’s share price has skyrocketed 250.28 per cent so far this year.

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On Tuesday, Adani’s media unit AMG Media Networks Ltd exercised the rights to convert the outstanding loan to NDTV’s holding company, resulting in acquisition of a 29.18% stake in NDTV. Thereafter, the Adani unit will launch an open offer as required by capital markets regulator SEBI (Securities and Exchange Board of India) to buy another 26 per cent in the company from shareholders at Rs 294 per share, the company said in a stock exchange filing. 

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in a BSE filing, NDTV said that without any discussion with the news channel or its founder-promoters, a notice has been served upon them by Vishvapradhan Commercial Private Limited (VCPL), stating that it has exercised its rights to acquire 99.50% control of RRPR Holding Private Limited (RRPRH), the promoter-owned company that owns 29.18% of NDTV. It also added that the notice from VCPL is based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10.