The company's share price has 5 per cent cap upper and lower band
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Share price of New Delhi Television Limited (NDTV) hit the upper circuit limit on Friday surging to the highest level since 2008 on Adani Group's offer to acquire the majority stake in the news channel company.
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On the BSE, the share price of NDTV started trading at Rs 515.10. This is the upper price band of the scrip on the BSE. NDTV's previous day's close was Rs 490.60.
The company's share price has 5 per cent cap upper and lower band.
On the National Stock Exchange, NDTV shares were trading at Rs 519.80, which is 5 per cent higher than the previous day's close at Rs 495.05.
NDTV share price has almost doubled in the past one month. The scrip has hit the upper circuit for the seventh day in a row after Adani Group announced a proposal to acquire a majority stake.
Also read: Adani group rejects NDTVs assertion of sebi nod needed for share acquisition
The share price has surged 41 per cent in the past seven trading sessions.
On 23rd August, Adani Group announced a plan to buy a majority stake in NDTV.
Adani Group has made an announcement to acquire 29.18 per cent stake in NDTV by converting debt into equity of a promoter firm.
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.
Adani Group has also announced that it would acquire another 26 per cent stake in NDTV through an open offer. This will give Adani Group majority control over the news channel company.
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