Adani group's NDTV open offer subscribed 32%

Adani Group's open offer witnessed a subscription of nearly 32% of the media firm New Delhi Television (NDTV) shares by end of December 2. The open offer which began on November 22 is set to close on December 5, 2022.

Vishvapradhan Commercial along with AMG Media Networks and Adani Enterprises launched the open offer to acquire an additional 26% stake in NDTV. The floor price for the offer is set at ₹294 per equity share.

As per BSE data, Adani's open offer received nearly 53.28 lakh subscriptions of NDTV shares - 31.79% of the total offered size of over 1.67 crore equity shares.

On Friday, NDTV shares closed at ₹414.40 apiece down by 2.61% on BSE. Its market cap is around ₹2,671.69 crore. Adani Enterprises completed the acquisition of Vishvapradhan Commercial during Q2FY23. Along with Vishvapradhan and AMG Media, Adani launched an open offer to acquire 1.67 crore equity shares or 26% in NDTV aggregating to ₹492.81 crore.

The open offer was launched on November 22 at a floor price of ₹294 per share having a face value of 4 each in NDTV.

Initially, Adani had planned to run the open offer on October 17, however, delayed as Sebi did not grant its approval. But later Vishvapradhan Commercial along with AMG Media Networks and Adani Enterprises announced an open offer to acquire an additional over 1.67 crore equity shares or 26%. Following this, Sebi granted its approval for the open offer on November 7.

Being the largest shareholder of NDTV would entitle Adani group to appoint at least two directors on the company board including its chairperson, according to market experts.

Prannoy Roy currently is the chairperson of NDTV while his wife Radhika is an executive director. (Prannoy owns 15.94 per cent stake and Radhika another 16.32 per cent).