The open offer will open on November 22 and close on December 5.
Adani Enterprises Ltd, with Vishvapradhan Commercial Pvt. Ltd (VCPL) with AMG Media Networks, has announced an open offer to buy an additional 26 percent of the new media company NDTV. The Adani Group proposes to buy 1.67 crore equity shares at an offer price of Rs 294 per share. As of September 2022, public shareholders still hold a 38.55% stake in the company.
Adani group shared its intent to procure the additional 26 percent shares from the public via the open offer on October 17. However, the company had to delay the open offer because they had not got the required approvals from regulatory bodies.
On August 23, the Adani Group indirectly acquired a 29.18% stake in NDTV through its acquisition of Vishvapradhan Commercial (VCPL). The August acquisition enabled Adani to launch the open offer. The open offer will open on November 22 and close on December 5.
VCPL had lent over Rs 400 crore to NDTV's founders in 2009-10, in exchange for warrants that allowed the company to acquire a stake of 29.18% in the newsgroup at any time. This is the warrant that the company transacted in August.