Shares of New Delhi Television (NDTV) continued to move north, crossing the Rs 500 mark for the first time since January 2008. The stock hit a new high of Rs 515.10 on Friday, up 5% in an otherwise sluggish market. It surpassed the previous high of Rs 512 touched on January 4, 2008.

As of 10:54 am, about 70,000 NSE and BSE shares had changed hands, with about 375,000 pending orders. The S&P BSE Sensex fell 0.08% to 58,718.

Shares of NDTV locked in a seventh straight day of highs, surging 41% over the same period after Gautam Adani’s group proposed to buy a majority stake in the company. The market price of NDTV has almost doubled or risen 97% in the past month, while the S&P BSE Sensex has risen 1%.

On August 30, 2022, Adani Group released a detailed public statement regarding the public offering of NDTV, which is tentatively scheduled to open on October 17, 2022, subject to Sebi’s approval.

On Monday, NDTV and Adani Group sought guidance from Sebi on whether NDTV’s promoter entity, RRPR Holdings, could transfer its stake to Adani Group. NDTV argues that it cannot transfer the shares before November this year as the ban imposed by Sebi in 2020 will last until November this year.

However, Adani Enterprises has rejected RRPR Holdings’ contention over the income tax department’s agreement to convert the warrants to its stake in its indirect subsidiary Vishvapradhan Commercial (VCPL). RRPR, the sponsor group entity of NDTV, was at the heart of the acquisition of Adani Group.

Adani Enterprises said the RRPR disclosure lacked authenticity, legal or factual basis and was misunderstood.