Adani Group Firms' Open Offer For NDTV To Commence On Nov. 22

The Adani Group's open offer to public shareholders of NDTV will commence on Nov. 22.

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 New Delhi Television Ltd. from the public, according to an NDTV exchange filing.

The open offer is to acquire 1.6 crore shares at Rs 294 apiece.

The 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.

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.