Mumbai: Adani Group said on Friday that regulatory restrictions imposed on New Delhi Television Ltd's (NDTV) founders do not affect the conglomerate's attempt to buy a majority stake in the news network.
NDTV on Thursday sought to block tycoon Gautam Adani's move, saying its founders Prannoy and Radhika Roy have since 2020 been barred by the Securities and Exchange Board of India (SEBI) from buying or selling shares in India's securities market.
NDTV said a deal between the Roys and Adani would require approval from SEBI, the market regulator.
On Friday, Adani Enterprises argued in a statement that NDTV's top shareholder, an investment vehicle which is held by the Roys and which is the subject of the Adani bid, was not covered by the SEBI order, meaning the takeover offer can proceed without specific SEBI approval.
Meanwhile, shares in 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.
(With PTI inputs.)
