Share market Updates:  NDTV shares were trading 5 percent up, the maximum permitted limit during the afternoon trade, after the company blocked Adani Group's attempt to acquire shares.

Reacting to the developments At 3.00 p.m., shares of NDTV were trading at Rs 407.60, up 5 percent from its previous close on the National Stock Exchange. It hit an intraday high and low of Rs Rs. 408 and Rs. 396 respectively.

Early on Thursday, NDTV reported via exchange filing that the Securities and Exchange Board of India (SEBI) had banned its promoters from accessing the securities market in November 2020, and from buying, selling, or otherwise transacting in securities, directly or indirectly, or being associated with the securities market in any way for a period of two years.
Further, it stated that prior SEBI clearance was required for Adani to get 99.5% of the promoter group entity because doing so would result in the acquisition of voting rights for the 29.18% owned by RRPR Holdings in the news network, barring the successful conclusion of ongoing appeal processes.

The Adani's conglomerate said on Wednesday that it was looking to acquire a majority stake in the news channel. NDTV called the announcement "totally unexpected" and noted that there had been no discussion or approval from the network.

"RRPR Holding Private Limited (RRPR) warrants are held by AMNL's fully owned subsidiary VCPL, giving it the right to convert them into a 99.99 percent ownership position in RRPR. Warrants have been used by VCPL to purchase a 99.5% share in RRPR. As a result of this acquisition, VCPL will own RRPR "stated the press statement.

According to SEBI's takeover rules, this will result in an open offer to buy up to a 26% interest in NDTV, the organisation said.

SEBI consent necessary for VCPL to secure RRPR stake, says NDTV

Adani Vs NDTV: Contractual terms of warrants will be key in Adani bid for NDTV

Control of NDTV not transferred to VCPL via loan agreement: SAT