Business News | NDTV Shares Hit Upper Circuit for 3rd Day in a Row on Adani Group's Stake Purchase

Mumbai (Maharashtra) [India], August 26 (ANI): Share price of New Delhi Television Limited (NDTV) hit the upper circuit limit for the third consecutive day on Friday 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 423.85, the upper circuit limit. This is five per cent higher when compared with its previous day's close at Rs 403.70.

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However, the scrip witnessed some selling pressure in the early morning trade. It fell to a low of Rs 397.30 in the intra-day.

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

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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. It surged 5 per cent to close at Rs 403.70 on Thursday,

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. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)