Gautam Adani’s takeover of NDTV may have caused , but it has proved lucrative to several employees of the TV news network. The billionaire’s purchase of about 30 percent of the broadcast company, and whispers about it in the preceding months, sent its share price soaring, enabling several top executives to make a tidy profit.
AMG Media Networks Limited, the fledgling media arm of Adani Enterprises, announced on August 23 that it was acquiring 29.18 percent of NDTV. The deal kicked in an open offer that enables Adani Enterprises to acquire another 26 percent of the media company, making it the majority shareholder. The open offer gets rolling on October 17.
The next day, NDTV shares were trading for Rs 384.50 on the Bombay Stock Exchange and Rs 388.20 on the National Stock Exchange, rising from 356.90 and 358.65, respectively. The day after, the price went up to 403.70 on BSE and 407.60 on NSE. By September 5, the share price had risen to 540.85 on BSE and 545.75 on NSE, the highest since 2008. The price, in effect, had doubled in a month. The TV company’s market capitalisation now is Rs 2,899 crore, making it the most valuable listed media company after TV 18 Broadcast and Network 18, according to a report in the Print. NDTV is twice as valuable as the TV Today Network, and almost three times as valuable as Zee Media.
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