The Adani group announced that its open offer for acquiring 26% public stake in NDTV will be open for subscription from November 22 to December 5.
The open offer to buy 1.67 million shares of face value of Rs 4 will close tentatively on December 5, 2022, said JM Financial, which is managing the offer.
Vishvapradhan Commercial Pvt. Ltd (VCPL) along with AMG Media Networks and Adani Enterprises Ltd have proposed to buy an additional 26%, or 1.67 million equity shares, at an offer price of Rs 294 per share.
Earlier, he said that the Gautam Adani-led company will launch its open offer from October 17 to November 1.
The Adani group acquired a 29.18% stake in NDTV in August this year, prompting the group to launch an open offer.
The deadline for filing the post-offer report with the Securities and Exchange Board of India (Sebi) has also been revised to December 26, 2022.
In August the conglomerate bought Vishvapradhan Commercial Private Limited, which in 2009 lent NDTV founders more than Rs 400 crore in exchange for guarantees that allowed the company to acquire a 29.18 percent stake in the news group.
It later added that it wanted to acquire an additional 26 percent of the public’s shares through an open offer from October 17.
As VCPL held NDTV shares, at the time of its acquisition, the Adani Group owns a 29 percent stake in NDTV.
In October, the Adani Group, which missed the date to launch an open offer to buy an additional 26 percent stake in NDTV, said it was committed to completing the process and asked SEBI for comments on its draft open offer letter.
The Adani group had earlier ruled out that the sale of majority stake in NDTV founders would require approval from the tax authorities.
NDTV’s promoters said they were not fully aware and it was done without their permission.
NDTV operates three national news channels: NDTV 24×7 English news channel, NDTV India Hindi news channel and NDTV Profit business news channel.
It has a strong online presence and remains one of the most followed news handles on social media with over 35 million followers across various platforms.