According to a statement on the Securities and Exchange Board of India (Sebi) website, the market regulator on Monday accepted Adani Group’s open offer for a 26% additional share in broadcaster New Delhi Television (NDTV).
Details about Adani’s open offer for a 26% additional share in NDTV is approved by SEBI:
The Adani company updated the open offer timetable, changing the dates from November 22 to December 5. The open offer of Rs 492.81 crore, which was supposed to begin on October 17 and finish on November 1, was postponed because Sebi had not yet approved it.
NDTV’s closing price of Rs 365.85 per share is discounted by 24% from the open offer price of Rs 294 per share.
Following the disclosure of plans by the Adani group to purchase a 29.18% stake in the news network through the acquisition of Vishvapradhan Commercial (VCPL), which currently owns a 99.99% stake in NDTV promoter firm, RRPR Holding, NDTV’s stock price has increased by nearly 22% over the past three months. The open offer had been sparked by this scheme.
NDTV’s market value is Rs 2,358.68 crore as per Monday’s closing price.
Prannoy Roy and Radhika Roy of NDTV each directly owned 15.94% and 16.32% of the firm as of September 30, 2022. At the time of the acquisition, RRPR Holding controlled 29.18%.
Foreign portfolio investors with offices in Mauritius, such as LTS Investment Fund and Vikasa India EIF I Fund, are among the company’s other shareholders. They each own 4.42 percent and 9.75 percent of the company, respectively.
NDTV’s owners also include 947 companies, which control 23.83 percent of the company’s shares, and 29,691 individuals, who have each invested up to Rs 2 lakh in the business.
The Adani Group had written to Sebi last month to reaffirm its intention to finish the open offer procedure for additional NDTV shares.
The Adani group stated in its letter to Sebi that it planned to finish the open offer regardless of the outcome of the share transfer by RRPR to VCPL. Additionally, it had encouraged Sebi to endorse the open offer and make any necessary observations, both of which have already materialized.