Shares of NDTV Ltd continued to climb on Thursday and touched the upper circuit limit amid the Adani group making an offer to take over the media firm.
On NSE as well as BSE, the scrip jumped 5 per cent in opening trade and touched the respective upper circuit limits.
The company’s shares rose 5 per cent to Rs 407.60 apiece on NSE, also its 52-week high, after closing at Rs 388.20 on Wednesday.
Similarly, NDTV Ltd gained 5 per cent to Rs 403.70 on BSE. It is also the 52-week high for the company’s shares on the bourse.
In two days, the company’s market valuation has jumped Rs 241.78 crore to Rs 2,602.71 crore on BSE.
In the broader market, the 30-share BSE benchmark Sensex quoted 331.48 points higher at 59,414.17 points while the NSE Nifty climbed 96.40 points to 17,701.35 points.
On Wednesday also, shares of NDTV Ltd had touched the upper circuit limits.
The stock had ended higher on Tuesday also while Adani group’s announcement of open offer for the company came after market hours on the same day.
NDTV’s share price has risen 250.28 per cent so far this year.
In a stunning move on Tuesday, the Adani group announced launching an open offer to acquire an additional 26 per cent stake in NDTV Ltd after an indirect acquisition of 29.18 per cent shareholding in the company.
However, NDTV has said that markets regulator Sebi’s approval is “necessary” for Adani group firm Vishvapradhan Commercial Private Ltd (VCPL) to acquire interests in the company’s promoter entity RRPR Holding Pvt Ltd.
The key element behind the takeover bid is an unpaid loan that RRPR availed from VCPL.
The entity had taken a loan of Rs 403.85 crore in 2009-10 and against this amount, warrants were issued by RRPR. With the warrants, VCPL had the right to convert them into a 99.9 per cent stake in RRPR in case the loan was not repaid.
