AMNL is a subsidiary of Gautam Adani’s Adani group and houses the media business of the Adani Group. (File Photo) (Mint)
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The stock of NDTV which has a market valuation of about $300 million, climbed 5 per cent to ₹384.50 -- its upper circuit limit as well as 52-week high -- on the BSE after begining the trade on a positive note.
At the NSE, it jumped 4.99 per cent to ₹388.20 -- its upper circuit limit as also the one-year peak. The 30-share BSE Sensex was trading 70.29 points lower at 58,961.01 points.
In a stunning move with the potential to change the media landscape, billionaire Gautam Adani has launched a hostile takeover of NDTV, first with an indirect acquisition of a 29.18 per cent stake in the broadcaster followed by an offer to buy out a further 26 per cent controlling stake.
The company operates three national news channels – NDTV 24x7, NDTV India and NDTV Profit and is known for its often critical stance regarding government policy. With over 35 million followers, NDTV has a strong online presence and is one of the most followed news handles on social media .
The Roys would be left with 32% of NDTV once the loan-linked deal involving RRPR closes, which is expected to be a formality.
"Almost the last bastion of Independent journalism being taken over by industry," Kapil Sibal, a former government minister and a top lawyer, said on Twitter.
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Home/Business/NDTV shares jumped 5 % to hit highest trading limit after takeover news
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