India’s NDTV rises 5% as Adani unit looks to buy out
2022.08.24 08:14
FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. REUTERS/Amit Dave
BENGALURU (Reuters) – Shares of India’s NDTV Ltd rose as much as 4.99% to their highest in 14 years, a day after billionaire Gautam Adani’s conglomerate said it seeks to control a majority stake in the television media company.
A unit of the Adani Group said it had used financial rights in a bid to purchase a 29.18% stake in NDTV. Hours after the announcement, NDTV issued a statement saying the move by the Adani Group “was executed without any input from, conversation with, or consent of the NDTV founders.”
Shares were last up 5% at 388.20 rupees ($4.86), their highest since August 2008.
($1 = 79.8380 Indian rupees)
