NDTV's (television broadcasting major) share prices rose 4.91per cent on Wednesday, closing at Rs 26.70 on the BSE after the Oswal Green Tech Ltd bought 14.17 per cent stake in the company on Tuesday. . The deal was worth Rs 24.34 crore at a price of Rs 26.64 a share.
Meanwhile, the BSE Sensex was up 510.13 points, or 3.36 per cent from previous close.
On the other hand, Oswal Green Tech shares were down 3.76 per cent at Rs 47.35 on the NSE.
The NDTV stock hit a high of Rs 27.10 and a low of Rs 25.80 during the day. The stock had hit a record low of Rs 24.75 on Tuesday, when the shares were sold.
Through bulk deal transactions on the NSE and BSE on Tuesday, the company purchased a total of 91,36,894 shares of NDTV from the investment arms of Merrill Lynch and Nomura Capital.
Goldman's exit & after
It may be recalled that in April, Goldman Sachs Investments Mauritius and GS Mace Holdings exited from NDTV by selling their entire stakes in a deal worth Rs 70 crore which was then picked by Merrill Lynch Capital Markets Espana and Nomura Mauritius Ltd.
And recently in October, NDTV along with Kasturi and Sons had decided to sell their stake in Metronation Chennai Television Ltd to Educational Trustee Company Pvt Ltd, promoters of Tamil daily Dina Thanthi . The total sale consideration is Rs 15 crore.
Metronation Chennai Television Ltd is a joint venture between NDTV and The Hindu, and operates under brand name ‘NDTV HINDU'.
According to a September-end shareholding pattern, promoters — Dr Prannoy Roy, Ms Radhika Roy and RRPR Holding — are holding 61.45 per cent stake, and FIIs 18.08 per cent. About 38,750 retail investors hold 14.7 per cent stake.
On a consolidated basis, NDTV reported a net loss of Rs 22 crore in the quarter ended September, lower than a net loss of Rs 67.63 crore in corresponding quarter previous fiscal.
Oswal Green Tech's (formerly known as Oswal Chemicals & Fertilizers) main areas of interest are fertilisers and chemicals and is based out of Delhi.
NDTV is news broadcaster, with three news channels — NDTV 24x7 (English), NDTV India (Hindi) and NDTV Profit (business). In 2007 the company launched its lifestyle offering — NDTV Good Times, an up-market lifestyle channel.