Adani's NDTV open offer closes with 32% subscription

December 05, 2022 21:32

Billionaire Gautam Adani's group open offer for NDTV ended on Monday with investors tendering nearly 32 per cent share of the media house despite a deep discount to the stock's current trading price.

The Adani group firm acquired nearly 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 per cent 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 Rs 393.90 apiece on Monday, which was almost 34 per cent higher than the offer price. In the last three months, NDTV shares reached a high of Rs 540.85 on September 5, 2022.

The shares tendered so far equal to 8.26 per cent shareholding of NDTV. Together with 29.18 per cent stake Adani group has already acquired, the ports-to-energy conglomerate would have 37.44 per cent stake - larger than 32.26 per cent holding of founders Prannoy Roy and Radhika Roy.

Markets regulator Sebi had on November 7 granted its approval to the proposed Rs 492.81 crore-open offer.

Prior to Adani group's hostile takeover, promoters held 61.45 per cent stake in NDTV. This included 1.88 crore shares or 29.18 per cent held by RRPR Holding Pvt Ltd.

RRPR Holding is the firm that Adani group indirectly acquired in August -- triggering a wider open offer to buy a further 26 per cent in the media company.

Last week, NDTV announced the resignation of Roys from the RRPR board but they continued on the NDTV board. NDTV will give Adani group a footprint in media space as part of its broader diversification spree that has led to expansion of the conglomerate beyond coal mining and ports into airports, data centers, cement and digital services.

In 2009, RRPR, or Radhika Roy Prannoy Roy Holdings Private Limited, took an interest-free loan of Rs 403 crore from a firm linked to Reliance Industries, that eventually ended up with a closely-held firm, Vishvapradhan Commercial Pvt Ltd (VCPL). -- PTI

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