NDTV Adani Takeover: Adani Group’s Rs 493 Crore Open Offer for NDTV Starts Tomorrow

The open bid by billionaire Gautam Adani conglomerate for an additional 26 percent stake in New Delhi Television (NDTV) will start from the market from tomorrow.

The offer, which has a price range of Rs 294 per share, will close on December 5, as per a notice from JM Financial, which is managing the offer on behalf of Adani Group companies.

India’s capital markets regulator SEBI last week approved the proposed open offer of Rs 492.81 crore, marking a milestone in the takeover battle between Asia’s richest person and the broadcaster’s founders.

The takeover offer was initiated after Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Netwrosk Limited, exercised the rights to acquire 99.5% equity stake in RRPR Holding Private Limited, a group company promoter of NDTV, in earlier. August. Adani has taken over the little-known company that lent more than Rs 400 crore to the founders of NDTV over a decade ago against collateral that allowed the company to acquire a 29.18 per cent stake in the news group.

VCPL, which was acquired by the Adani Group, has announced that it will launch an open offer on October 17 to purchase the additional 26 percent stake in NDTV’s minority shareholders. However, the offer was postponed because Sippy did not give her consent to the open offer.

The earlier open sale was scheduled to run from October 17 to November 1.

If fully subscribed, the open offer will amount to Rs 492.81 crore at Rs 294 per share.

“The decision to acquire NDTV was reached in furtherance of the Adani Group’s goal of creating a credible next-generation media platform with a focus on the digital and broadcast sectors, and that NDTV is a suitable broadcast and digital platform to achieve this vision,” said Adani Enterprises, the flagship company of the Adani Group. , in October.

NDTV shares closed at Rs 382.20 on BSE today, down 5 per cent, hitting a lower circle.

(with PTI input)

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