Adani Open Offer For NDTV Expected To Begin On Oct. 17
The Adani Group announced the open offer on Aug. 23 after the acquisition of Visvapradhan Commercial.
The Adani Group’s open offer for New Delhi Television Ltd. is expected to begin on Oct. 17.
The open offer by the acquirer, Vishvapradhan Commercial Pvt., along with persons acting in concert—AMG Media Networks Ltd. and Adani Enterprises Ltd.—is looking at acquiring a 26% stake in NDTV from the public at Rs 294 apiece, according to a detailed public statement released by the group. That amounts to Rs 492.81 crore, assuming full acceptance of the offer.
The open offer follows the indirect acquisition of NDTV shares by the Adani Group after it bought Vishvapradhan Commercial.
Vishvapradhan Commercial, upon conversion of warrants, will hold at least 99.5% stake in RRPR Holding Ltd., the promoter company of NDTV which owns 29.18% stake in the media company.
The Adani Group’s open offer will begin with the detailed publication of the statement on Aug. 30 and end with filing of post-open offer report with SEBI on Nov. 23.
The timelines are tentative and may change depending on SEBI’s observations.
The Adani Group announced the open offer on Aug. 23 with the acquisition of Vishvapradhan Commercial that triggered the takeover code. But NDTV promoters, in disclosures to exchanges, have claimed they were taken unaware and cited a SEBI order as reason against conversion of warrants.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.