NDTV Takeover: Adani Group will Launch Open Offer on November 22
The Adani company declared that the subscription period for its open offer to purchase an additional 26% public stake in NDTV will run from November 22 to December 5. The open offer to buy 1.67 crore equity shares with a face value of Rs 4 is expected to expire on December 5, 2022, according to JM Financial, who is administering the offer.
At an offer price of Rs 294 per share, Vishvapradhan Commercial Pvt. Ltd (VCPL), AMG Media Networks, and Adani Enterprises Ltd have proposed to purchase an additional 26%, or 1.67 crore equity shares.
The business run by Gautam Adani had previously stated that it would begin its open offer between October 17 and November 1. In August of this year, the Adani group purchased a 29.18% interest in NDTV, allowing the group to start an open offer.
The Securities and Exchange Board of India (Sebi) has also changed the deadline for filing the post-offer report to December 26, 2022. The conglomerate purchased Vishvapradhan Commercial Private Limited in August. This business had financed the founders of NDTV more than Rs 400 crore in 2009 in exchange for warrants that permitted the corporation to purchase a 29.18% interest in the news organisation.
Later, it added, it planned to start an open offer on October 17 to buy an additional 26% of shares from the general public. The Adani Group presently owns a 29% stake in NDTV because VCPL held NDTV shares at the time of its acquisition.
Adani Group, which missed the deadline for launching an open offer to purchase a further 26% share in NDTV, stated in October that it is committed to seeing the process through and has requested feedback from SEBI on its draft open offer letter. Adani Group dismissed earlier claims that the major stake sale by the NDTV founders would require tax authority permission.
The NDTV promoters had asserted that they had been fully uninformed of the takeover and that it had been carried out without their permission. Three national news stations are run by NDTV: NDTV 24×7 in English, NDTV India in Hindi, and NDTV Profit in business news. With more than 35 million followers across various platforms, it continues to be one of the most popular news accounts on social media and has a significant online presence as well.
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