NDTV slumps ~5% on Adani Group fixing Oct 17 as Open Offer date

8 Sep 2022 , 11:58 AM

NDTV dipped 5% in today’s trade soon after JM Financial filed a draft letter of offer (DLOF) on behalf of Adani entities with SEBI. The DLOF filed is for the proposed open offer of a 26% stake in NDTV.

At around 11.52 AM, NDTV was trading 4.99% lower at Rs468, against the previous close of Rs492.60 on NSE. So far, it hit an intraday high and low of Rs468.

The deadline for the public announcement of competing proposals is September 21, and assuming everything goes well, the bidding process for the open offer will begin on October 17.

The company wants to make a cash offer for up to 16,762,530 shares, representing a 26% interest, at a price of Rs 294 per share.

VCPL, a wholly owned subsidiary of Adani business AMG Media Networks, used warrants to purchase a 99.5% interest in RRPR Holdings. RRPR, in turn, owns a 29.18% stake in NDTV.

Prannoy and Radhika Roy still own 32.26% of the firm. According to SEBI’s acquisition procedures, the action prompted an open bid to purchase up to a 26% interest in NDTV.

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