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Adani group’s open offer to acquire an additional 26 per cent stake in New Delhi Television (NDTV) begins on Tuesday.
The offer, for 16.7 million shares at Rs 294 apiece, will close on December 5. The size of the open offer is nearly Rs 493 crore.
On Monday, shares of NDTV closed trade at Rs 382.20 apiece on the BSE. This is at a 30 per cent premium to the open offer price.
The timeline of the open offer was revised after the initial date of October 17 to November 1 expired for want of an approval from the Securities and Exchange Board of India.
The markets regulator gave its approval to the open offer last week. The open offer comes following plans unveiled by the Adani group in August to pick up a 29.18 per cent stake in the news broadcaster, through the acquisition of Vishvapradhan Commercial (VCPL), which holds a 99.99 per cent stake in NDTV promoter firm RRPR Holding.
On Friday, NDTV’s independent directors asked shareholders to carefully evaluate the open offer, since the share price was significantly higher than the open offer price.
Prannoy Roy and Radhika Roy, promoters of NDTV, directly hold 15.94 per cent and 16.32 per cent stakes respectively in the company. While foreign portfolio investors hold 14.72 per cent stake in the company, and individuals and other entities hold a total of 23.84 per cent stake in the firm.
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