New Delhi Television Ltd (NDTV) shares increased to reach the maximum level of 5% on the BSE to top the 52-week high of ₹384 per share. This development came in during Wednesday’s early trading sessions after the Adani group’s bid of taking over the reputed media company.
Adani Group acquired a 29% stake in broadcaster NDTV Ltd and launched an open offer to acquire an additional 26% from shareholders, as per the legal mandate.
Gautam Adani, the Chairman and Founder of the Adani Group, declared serious intent in engaging in India’s media and entertainment industry.
Marking this to be the Adani group’s most high-profile stake in the media sector where Ambani owns a sizeable presence through Network 18.
By buying Vishvapradhan Commercial Pvt Ltd (VCPL), which owned convertible debentures (warrants that provide for the conversion of debt to equity) in RRPR Holding Pvt Ltd that in turn owned 29.18% of NDTV Ltd; Adani Group acquired the stake in NDTV indirectly.
Vishvapradhan had acquired the debentures in 2009-10 against a loan totalling ₹404 crores it offered to the promoter holding company.
