Shares of NDTV Ltd continued to climb for the second consecutive day on Thursday and touched the upper circuit limit of ₹407.60 on the National Stock Exchange 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 ₹407.60 apiece on NSE, after closing at ₹388.20 on Wednesday.
Similarly, NDTV Ltd gained 5 per cent to ₹403.70 per share on BSE.
In the morning trade, the 30-share benchmark Sensex surged more than 351 points to 59,436.78 points while the broader Nifty rose 101 points to 17,706 points.
On Wednesday also, shares of NDTV Ltd had touched the upper circuit limits, the highest permissible trading limit for the day.
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.
Regulatory approval needed
NDTV on Thursday said Adani Group needs regulatory approval to buy its biggest shareholder, as its founders are barred from trading in securities markets.
NDTV founders, Radhika and Prannoy Roy took a 4 billion rupee loan from little-known firm VCPL over 10 years ago, and in exchange issued warrants allowing VCPL to buy 29.18% of the news group.
The Adani Group said on Tuesday it had acquired VCPL and is exercising those rights.
NDTV on Thursday cited a November 2020 ruling from SEBI barring the Roys from accessing the securities market until Nov. 26, 2022. PTI