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NDTV shares hit upper circuit for eighth session, up 87 pc in a month

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New Delhi [India], September 5 (ANI): Shares of New Delhi Television (NDTV) hit the 5 per cent upper circuit for eight consecutive sessions and touched a fresh 52-week high on Monday after Adani Group’s offer to acquire a sizable stake in the news channel company.

At 2.59 pm, the shares traded with a five per cent upper circuit at Rs 545.75.

NDTV shares have risen 87 per cent in the past month. On August 23, Adani Group announced a plan to buy a majority stake in NDTV.

So far in 2022, it rose a whopping 375 per cent.

Adani Group has made an announcement to acquire a 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 likely result in VCPL acquiring control of RRPR.

RRPR is a promoter group company of NDTV and holds 29.18 per cent stake in NDTV. (ANI)

This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.

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