NDTV shares continue to gain, soar 20 pc

Shares of NDTV continued to rise for the second straight session today, surging 20 per cent amid market regulator Sebi ordering Vishvapradhan Commercial to make an open offer for the company.

The stock soared 20 per cent to Rs 46.80 -- its upper circuit limit for the day -- on the BSE.

On the NSE, shares of the company zoomed 19.97 per cent to Rs 46.55.

Shares of NDTV had yesterday also settled 20 per cent higher.

A Bombay High Court order directing the RBI to consider the compounding applications filed by NDTV in a case of alleged violation of Foreign Exchange Management Act (FEMA) also boosted the stock.

On Tuesday, Sebi ordered a little-known entity, Vishvapradhan Commercial Pvt Ltd, to make an open offer for NDTV for indirectly acquiring control of up to 52 per cent stake through a convertible loan of Rs 350 crore in 2009 'sourced' from a subsidiary of Reliance Industries.

In a filing to the BSE yesterday, NDTV said Prannoy Roy and Radhika Roy individually and through their company RRPR Holding Pvt Ltd "continue to own and hold 61.45 per cent of the total paid up share capital of NDTV, and control NDTV".

The filing was made in response to the bourse seeking clarification about reports on Sebi order in the matter of VCPL regarding change of control of NDTV.