Adani Group To Acquire Additional 26% Stakes Of NDTV
According to the advertisement issued by JM Financial, which is managing this offer, this offer will probably close on November 1. The Adani Group will make an open offer on October 17 to acquire an additional 26 per cent stake in media company NDTV.
Under an open offer, the Adani Group will acquire 1.67 crore equity shares. For this the share price has been fixed at Rs 294 per share. If the offer is fully subscribed, its total value at Rs 294 per share would be Rs 492.81 crore.
The Adani Group on 23 August acquired Vishwapradhan Commercial (VCPL) through acquisition of 29.18 percent stake in NDTV. VCPL holds 99.99 per cent stake in RRPR Holding. Subsequently, Adani group companies - VCPL, AMG Media Networks and Adani Enterprises - had proposed to acquire an additional 26 per cent stake in NDTV i.e. 1.67 crore equity shares.
Days after this announcement, the founders of NDTV had said that the deal could not go ahead without the approval of the Securities and Exchange Board of India (SEBI). SEBI, through an order passed on November 27, 2020, had banned NDTV founders Radhika Roy and Prannoy Roy from trading in the securities market for two years. This period of moratorium ends on 26 November.
