Shares of television channel takeover target company New Delhi Television Ltd (NDTV) hit the BSE upper circuit on Wednesday.

The scrip had hit the upper circuit on Tuesday at Rs 384.10 and opened at Rs 403.30 on Wednesday which was also the upper price band.

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The scrip had touched the 52-week high of Rs 567.85 and a low of Rs 75.55.

NDTV shares went up following the nod given by the Securities and Exchange Board of India (SEBI) to the Adani Group to float the open offer for a 26 per cent stake in the channel company.

The Group had earlier planned to make the open offer last month but decided to revise that to get the SEBI’s nod.

Curiously, the open offer price is at Rs 294 per share which is far less than the current market price.

As per the offer document, November 18 is the last date for an upward revision of the offer price and size.

The offer opening date is November 22 and the closing date is December 5.

Be that as it may, on Wednesday, NDTV replying to the clarification sought by BSE, said: “The company is not aware of any negotiations between Adani Group and Vishvapradhan Commercial Private Limited (VCPL) or events that led to the approval of the open offer by SEBI. In compliance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the Company provided the information sought by the merchant banker to the open offer issued by VCPL.”

The scrip has been on the upswing since August 23, the day on which the Adani group’s AMG Media Networks announced its subsidiary Vishvapradhan Commercial Private Ltd’s (VCPL) decision to exercise its rights to acquire 99.5 per cent of equity shares of RRPR Holding Private Ltd, the investment company of NDTV promoters – Prannoy Roy and Radhika Roy.

The VCPL holds 1,990,000 warrants of RRPR Holding entitling it to convert them into 99.99 per cent stake in the latter.

The VCPL has exercised its option in part, resulting in acquisition control of RRPR Holding — 1,990,000 equity shares or 99.50 per cent.

RRPR Holding holds 29.18 per cent stake in NDTV which has three national television channels.

This triggered the issue of an open offer to acquire shares of NDTV from the public as per SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The VCPL, at its sole discretion, may exercise the balance warrants to acquire up to 99.99 per cent of the equity share capital of RRPR Holding at any time and in such manner as it may deem fit.

With an open offer to acquire 26 per cent, the Adani group is looking up to hold a 55.18 per cent stake in NDTV.