Adani Group's open offer logged a subscription of nearly 32% of the media firm New Delhi Television (NDTV) shares by end of December 2. The open offer which began on November 22 is set to close on December 5, 2022.
Vishvapradhan Commercial along with AMG Media Networks and Adani Enterprises launched the open offer to acquire an additional 26% stake in NDTV. The floor price for the offer is set at Rs294 per equity share.
According to the BSE data, Adani's open offer received nearly 53.28 lakh subscriptions of NDTV shares - 31.79% of the total offered size of over 1.67 crore equity shares.
On Friday, NDTV shares closed at Rs414.40 apiece down by 2.61% on BSE. Its market cap is around Rs2,671.69 crore. During Q2FY23, Adani Enterprises completed the acquisition of Vishvapradhan Commercial and along with Vishvapradhan and AMG Media, Adani launched an open offer to acquire 1.67 crore equity shares or 26% in NDTV aggregating to Rs492.81 crore.
The open offer was launched on November 22 at a floor price of Rs294 per share having a face value of 4 each in NDTV.
At first, Adani had planned to run the open offer on October 17, however, delayed as SEBI did not grant its approval. But later Vishvapradhan Commercial along with AMG Media Networks and Adani Enterprises announced an open offer to acquire an additional over 1.67 crore equity shares or 26% stake. Following this, Sebi approved the open offer proposal on November 7.
According to market experts, being the largest shareholder of NDTV would entitle Adani group to appoint at least two directors on the board including its chairperson.
Currently, Prannoy Roy is the chairperson of NDTV while his wife Radhika is an executive director. (Prannoy owns 15.94% stake and Radhika another 16.32%).
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