NDTV Jumps by Daily Limit After Adani Group Hostile Takeover Bid
- Indian conglomerate bought 29.2% stake indirectly on Tuesday
- NDTV’s founders they were unaware of this transaction
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Shares of New Delhi Television Ltd. rose 5% to hit the upper circuit on Wednesday after Gautam Adani, Asia’s richest person, made a hostile bid to takeover the Indian news company as he seeks to expand his footprint in the competitive media sector.
NDTV, as the news outlet is more commonly known, surged by the daily limit during trading in Mumbai to touch a high of 388.2 rupees ($4.9) per share while the benchmark S&P BSE Sensex was largely unchanged. Adani’s conglomerate announced late on Tuesday that it had indirectly acquired a 29.2% stake in the media firm and was making an open offer to buy another 26% at 294 rupees a share for a combined 6.1 billion rupees.