NDTV Shares Jumps 5% After Adani Acquires 29% Stake

New Delhi: Shares of New Delhi Television (NDTV) on Wednesday witnessed a huge jump as it rose to five percent after the news of Adani Group buying a large stake in the TV broadcasting shares.

With this, the company's shares hit a 52-week high after hitting the upper circuit of the day and at present, the price of NDTV shares has risen by five percent to Rs 384.5.

On the hand on National Stock Exchange (NSE), the shares of NDTV jumped 4.99% and here too the shares touched the upper circuit of the day reaching Rs 388.20.

This is the highest level of the company in the last year.

Notably, in a surprising move, billionaire Gautam Adani has started the process of acquisition of NDTV and if this acquisition reaches its culmination, the present scenario of media in the country may change.

Significantly, the Adani group wanted to enter the media world for the last few months. In September last year, the group appointed senior journalist Sanjay Puglia to head its media company Adani Media Ventures.

Sanjay Puglia, Chief Executive Officer (CEO), AMG Media Networks Limited (AMNL), said that this acquisition is a significant milestone in the company's journey towards paving the way for new-age media.

As per reports, there are 'warrants' in the RRPRH of VCPL. The company reserves the right to convert this warrant into a 99.9 percent stake.

VCPL has exercised this right to buy a 99.5 percent stake in RRPRH. Since RRPRH is the promoter company of NDTV and it has a 29.18 percent stake in the news company.

Meanwhile, NDTV in exchange filing alleged that without any discussion with the company or its founder-promoters, a notice has been served upon them by VCPL, stating that it (VCPL) has exercised its rights to acquire 99.50 percent control of RRPRH, the promoter-owned Company that owns 29.18 percent of NDTV.

Also read: Online searches for 5G smartphones up 2 times in India

Also watch: