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RK Damani’s stake buy in TV Today pushes scrip up 4%

MUMBAI: Legendry stock investor and owner of retail chain D-Mart, Radhakishan Damani, 59, has increased his stake in news broadcaster TV Today Network.

Damani’s Derive Investment picked up 1.3 million shares of TV Today at Rs 196 apiece in an open market purchase on the BSE, amounting to Rs 25.48 crore (Rs 254.80 million). The shares constitute 2.18 per cent of TV Today Network’s total equity.

With the deal, Damani’s shareholding in the news broadcaster has increased to 6.40 per cent. He already owned 4.22 per cent or 2.5 million (25,17,540) shares of the company.

The company gave the disclosure about Damani’s purchase of stock on Wednesday, resulting in a 4.01 per cent surge in TV Today’s scrip. The counter ended on the BSE at Rs 217.70 after touching an intraday high of Rs 220.45 apiece. It had closed at Rs 209.30 on Tuesday.

Damani, via Damani Estate & Finance Pvt Ltd, had held a 1.5 per cent stake in the TV broadcaster since September 2013. However, he started buying stake in the company from the second quarter of the current fiscal. He picked up 1.17 million shares in August, amounting to 1.96 per cent for Rs 21 crore (Rs 210 million). That time, scrip of TV Today had rallied over 30 per cent in two days to Rs 217.

Similar bullish sentiments were seen on the HT Media counter earlier this year when another top investor, Rakesh Jhunjhunwala, went shopping for the print major.

Jhunjhunwala’s investment company RARE Enterprises purchased 1.5 million shares of HT Media for Rs 10.68 crore (Rs 106.8 million) from the open market at Rs 71.25 apiece. The deal guided the counter 8 per cent higher for the day before settling at Rs 77.50.

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