Adani group's NDTV open offer closes with 32% subscription
The Hindu
New Delhi
Billionaire Gautam Adani's group open offer for NDTV ended on Monday with investors tendering almost 32% share of the media house despite a deep discount to the stock's current trading price.
The Adani group firm acquired almost 53.27 lakh share shares of NDTV from the open market at a price band of ₹294 by the end of trading hours on Monday, exchange data showed.
The Adani group launched the open offer to buy 1.67 crore shares, or 26% of equity from the NDTV's minority investors after it indirectly acquired promoter group firm RRPR Holdings, according to data available on the BSE website.
NDTV shares settled at ₹393.90 apiece on Monday, which was almost 34% higher than the offer price. In the last three months, NDTV shares reached a high of ₹540.85 on September 5, 2022.
The shares tendered so far equal to 8.26% shareholding of NDTV. Together with 29.18% stake Adani group has already acquired, the ports-to-energy conglomerate would have 37.44% - larger than 32.26% holding of founders Prannoy Roy and Radhika Roy.
Markets regulator Sebi had on November 7 granted its approval to the proposed ₹492.81 crore-open offer.
Prior to Adani group's hostile takeover, promoters held 61.45% stake in NDTV. This included 1.88 crore shares or 29.18% held by RRPR Holding Pvt Ltd.
India monitors U.S.-Iran tensions as Trump pauses attacks, leading to a significant drop in oil prices.
Union Minister Ashwini Vaishnaw launches three initiatives to enhance India's creative economy through AI training, citizen platforms, and advanced tech access.
Two Indian-flagged LPG tankers approach the Strait of Hormuz, navigating safely amidst regional tensions to reach Indian ports.
Gold and silver prices plummet over 7% due to West Asia tensions, inflation fears, and a stronger dollar.
Asian shares fall as rising oil prices and escalating Iran conflict diminish hopes for U.S. interest rate cuts.
Japan's SoftBank Group said Saturday it plans to build a huge new gas-fired power plant in the US state of Ohio
Silver prices plunge 9% to ₹2.06 lakh per kg in futures trade amid weak global cues and rising macroeconomic pressures.
OpenAI plans to nearly double its workforce to 8,000 from 4,500 by the end of 2026, the Financial Times reported on Saturday, citing two people with knowledge
Global equity markets plummet as West Asia tensions rise and oil prices surge, triggering significant investor anxiety.
The rupee hits a record low of 93.94 against the dollar amid foreign fund outflows and a crashing equity market.
The Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of Rs 71.6 lakh, officials said
Meta Chief Executive Mark Zuckerberg is building a CEO agent to help him do his job, the Wall Street Journal reported
Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.