NDTV shares continue to gain; hit upper circuit limit amid takeover bid

Shares of NDTV hit the upper circuit limit for the third straight day in the opening trade on Friday

Shares of New Delhi Television Ltd (NDTV) hit the upper circuit limit for the third straight day in the opening trade on Friday.

The company's shares have been rising after Adani group's hostile takeover bid with the announcement of an open offer on Tuesday to acquire an additional 26 per cent stake.

The scrip opened at Rs 423.85, its highest trading permissible limit for the day as well as the fresh 52-week high level, on BSE. This was a 5 per cent increase compared to Thursday's closing level of Rs 403.70 apiece.

As the session progressed, the shares were trading at Rs 422.10 apiece, a gain of 4.56 per cent.

On NSE too, the company's shares reached the upper circuit limit of Rs 427.95, which was also its 52-week high on the bourse, after opening at Rs 421.90.

The scrip marginally shed the gains and was 3.48 per cent up at Rs 421.80. On Thursday, it closed at Rs 407.60.

In early trade, both the Sensex and the broader Nifty indices were trading in the green.

Adani group, on Tuesday, launched the open offer after an indirect acquisition of 29.18 per cent shareholding in NDTV.

However, NDTV has said that markets regulator Sebi's approval is "necessary" for Adani group firm Vishvapradhan Commercial Private Ltd (VCPL) to acquire interests in the company's promoter entity RRPR Holding Pvt Ltd.