NDTV stock hits 5% upper circuit, closes at Rs 384

MUMBAI: A day after Adani group put in a bid to take a majority stake in NDTV, the stock price of the media group hit the 5% upper circuit on the bourses and was frozen at Rs 385, a 14-year high level. On Tuesday, Adani Enterprises, along with two other group companies, launched an open offer to the shareholders of NDTV to acquire 26% in the company at a per-share price of Rs 294. At Wednesday’s closing, the open offer price was at a 24% discount. Before that it had acquired 29% in the company through conversion of warrants into shares.
In the last one year, the NDTV stock has risen nearly five-fold. On August 24, 2021 the stock was at Rs 79. And in the last one month the stock has gained 44%. In comparison, the Nifty Media index on the NSE gained 33% in the last one year and 6% in the last one month.
During the day, Parimal Nathwani, Director, Corporate Affairs of Reliance Industries congratulated Adani Group chairman Gautam Adani for acquiring a stake in NDTV. Tagging Gautam Adani, Nathwani, who is also a Rajya Sabha MP, tweeted, “Congratulations to Shri Gautam Adani for acquiring a stake in the national channel NDTV. This is just one of the many takeovers by the Adani Group, which have now become a frequent occurrence. The process is really going on at full speed!”

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