Adani to launch open offer for NDTV on Oct 17

August 30, 2022 22:20

Gautam Adani

Adani Group will launch its open offer on October 17 for acquiring an additional 26 per cent stake in media firm NDTV.

The open offer for acquiring 1.67 crore equity shares, for which a price of Rs 294 per share has been fixed, will tentatively close on November 1, said an advertisement by JM Financial, which is managing the offer.

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

On August 23, Adani group announced to acquire a 29.18 per cent stake in NDTV through the acquisition of VCPL, which holds a 99.99 per cent stake in RRPR Holding.

Following this Adani group firms -- Vishvapradhan Commercial Private Limited along with AMG Media Networks and Adani Enterprises Ltd -- have proposed to acquire an additional 26 per cent or 1.67 crore equity shares.

Days after this announcement, NDTV's founder promoters asserted that the deal cannot go ahead without Sebi's nod.

In an order passed on November 27, 2020, the Securities and Exchange Board of India restrained NDTV founders -- Radhika Roy and Prannoy Roy -- from the securities market for two years and that period ends on November 26.

As restrictions are still in force, hence a prior written approval from Sebi was required for Vishvapradhan Commercial Private Limited for the exercise of the conversion option on the warrants, NDTV founders had said. -- PTI

« Back to LIVE

TOP STORIES

Spicejet passengers made to sit in flight without AC for an hour

SpiceJet said the air conditioning in its Delhi to Darbhanga flight "experienced slight inefficiency" during boarding at Delhi Airport

On Sena foundation day, Uddhav, Shinde fight over Hindutva, 'real' Sena

Uddhav Thackeray claimed the new Narendra Modi government at the Centre, which was sworn in on June 9, will collapse and will be replaced by an INDIA bloc dispensation.

15 dead, many hospitalised as north India reels under punishing heatwave

To ensure immediate cooling of the body, the hospital has set up a first-of-its-kind heatstroke unit.

Euro '24 PIX: Germany beat Hungary, make knock-outs

Images from the Euro 2024 Group A match between Germany and Hungary at Stuttgart Arena, Stuttgart, Germany, on Wednesday.

Super 8: Proteas quell USA's spirited challenge

'It could have been a closer game and we could have got over the line.'