Monday, April 15, 2024
Google search engine
HomeNewsSebi approves Adani's open offer for 26% additional stake in NDTV

Sebi approves Adani’s open offer for 26% additional stake in NDTV


Market regulator (Sebi) on Monday approved Group’s open offer for 26 per cent additional stake in broadcaster New Delhi Television (NDTV) as per a statement on Sebi’s website.

The group had revised the open offer timeline last week, setting the date as November 22 to December 5. It was to be launched on October 17, ending on November 1, but was delayed since had not given its approval to the open offer of Rs 492.81 crore.

The open offer price of Rs 294 a share is at a 24 per cent discount to NDTV’s closing price of Rs 365.85 apiece on Monday.

In the last three months, NDTV’s stock price has run up by nearly 22 per cent following plans unveiled by the group to acquire a 29.18 per cent stake in the network, through the acquisition of Vishvapradhan Commercial (VCPL), which holds a 99.99 per cent stake in promoter firm, RRPR Holding. This plan had triggered the open offer.

Basis Monday’s closing price, NDTV’s stands at Rs 2,358.68 crore.

As on September 30, 2022, NDTV’s Prannoy Roy and Radhika Roy directly held 15.94 per cent and 16.32 per cent stakes in the company each. RRPR Holding, at the centre of the acquisition, owned 29.18 per cent.

Some of the other shareholders in the company include Mauritius-based foreign portfolio investors, namely, LTS Investment Fund and Vikasa India EIF I Fund, which hold 9.75 per cent and 4.42 per cent stakes respectively in the firm.

NDTV’s shareholders also include 29,691 individuals who have each put in up to Rs 2 lakh in the company, and 947 entities, which own 23.83 per cent of its shareholding.

Last month, the had written to re-affirming its commitment to complete the open offer process for additional shares in .

In its letter to Sebi, the Adani group said that it intended to complete the open offer regardless of the status of the share transfer by RRPR to VCPL. It had also urged provide its approval and observations to the open offer, which have now finally come.


Source link

- Advertisment -
Google search engine

Most Popular

Recent Comments