NDTV, within minutes of opening for trade, hit the 20% UC at Rs.39. As against 2-week average volume of over 2500 shares, today morning alone, it clocked volumes of over 49,000 shares.
The stock price has surged as the market could smell an opportunity of an open offer finally coming through. SEBI has ordered the acquirer, Vishvapradhan Commercial Ltd (VCL) to make an open offer for NDTV for indirectly acquiring up to 52% shares via a convertible loan of Rs 350 crore in 2009; this was acquired from a subsidiary of Reliance Industries.
VCL ownership is said to have changed hands from RIL to Nahata group. This is the same company which Ambani had acquired in 2009 from Infotel Broadband to get access to bandwidth and re-enter telecom business.
SEBI probed into this matter on account of alleged violation of takeover of norms by VCL.
SEBI has asked VCL to make a public offer for NDTV within 45 days and also pay, along with the offer price, an interest at the rate of 10 percent per annum to the shareholders who were holding shares on the date of violation.