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.
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