(PTI) Shares of NDTV Ltd continued to climb on Thursday, and even crossed the top of the circuit with the Adani group offering to buy the media company.
On NSE and BSE The scrip rose 5 percent in the opening trade , and then touched the upper circuit’s limits.
The shares of the company rose 5 percent to Rs 407.60 each on the NSE as well as its 52-week record, following a close at 388.20 at the close of business on Wednesday.
In the same way, NDTV Ltd gained 5 percent to reach Rs 403.70 in the BSE. It also marks the 52-week peak for shares of the company on the BSE.
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In just two days the market value of the company has gone up by to Rs 241.78 crore to 2,602.71 million on BSE.
In the wider market that includes there was a 30-share BSE benchmark Sensex listed 331.48 points higher, or 59,414.17 points. The NSE Nifty climbed 96.40 points to 17,701.35 points.
Also, on Wednesday the shares in NDTV Ltd had touched the limit of the upper circuit.
The stock ended up higher on Tuesday as well. Adani group’s announcement of an open deal for the company was made just after the closing of market hours the day before.
The share price of NDTV has increased 250.28 percent so far this year.
In a shocking announcement on Tuesday, the Adani group announced that it would launch an open bid to purchase an additional 26 percent part of NDTV Ltd following an indirect purchase of 29.18 percent of the shares within the firm.
The issue is that NDTV claims that Sebi’s approval from the regulator for markets will be “necessary” for Adani group firm Vishvapradhan Commercial Private Ltd (VCPL) to purchase interests in the promoter entity of the company RRPR Holding Pvt Ltd.
The primary reason behind the takeover offer is a loan unpaid that RRPR obtained from VCPL.
The company took an amount of 403.85 crore in 2009-10 . in the same amount warrants were issued through RRPR. The warrants VCPL was able to transform them into the equivalent of a 99.9 percent part of RRPR in the event that the loan was not paid back.