Shares of NDTV jumped 5 per cent to a 14 year high to hit their highest trading permissible limit for the day on Wednesday after Adani group launched a bid to take over the media company.
The stock of NDTV which has a market valuation of about $300 million, climbed 5 per cent to ₹384.50 — its upper circuit limit as well as 52-week high — on the BSE after begining the trade on a positive note.
At the NSE, it jumped 4.99 per cent to ₹388.20 — its upper circuit limit as also the one-year peak. The 30-share BSE Sensex was trading 70.29 points lower at 58,961.01 points.
In a stunning move with the potential to change the media landscape, billionaire Gautam Adani has launched a hostile takeover of NDTV, first with an indirect acquisition of a 29.18 per cent stake in the broadcaster followed by an offer to buy out a further 26 per cent controlling stake.
Also Read | Adani Group to acquire 29.18% stake in NDTV: Things to know about AMNL
The company operates three national news channels – NDTV 24×7, NDTV India and NDTV Profit and is known for its often critical stance regarding government policy. With over 35 million followers, NDTV has a strong online presence and is one of the most followed news handles on social media .
The owners of New Delhi Television Ltd (NDTV), one of the nation’s most popular news channels, said they were completely unaware of the takeover until Tuesday, and that it was done without their consent or any discussion.
The Roys would be left with 32% of NDTV once the loan-linked deal involving RRPR closes, which is expected to be a formality.
“Almost the last bastion of Independent journalism being taken over by industry,” Kapil Sibal, a former government minister and a top lawyer, said on Twitter.
“We should be worried!”
(With inputs from agencies)
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