Gautam Adani-led Adani Group's open offer for 26% of shares in New Delhi Television Ltd. is set to open on Oct. 17.
The open offer made by Vishvapradhan Commercial Pvt. Ltd., along with AMG Media Networks Ltd. and Adani Enterprises Ltd., will seek to acquire 1.67 crore shares of NDTV at a price of Rs 294 a share, according to an exchange filing on Thursday. That amounts to Rs 492.81 crore, assuming full acceptance of the offer.
The open offer will close on Nov. 1. The open offer follows the indirect acquisition of NDTV shares by 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 that owns a 29.18% stake in the media company.
Adani Group announced the open offer on Aug. 23, but NDTV promoters claimed that prior approval of SEBI and the Income Tax Department will be required given limitations applied on them in previous cases.
In the last 52 weeks, NDTV's stock price has surged, gaining as much as Rs 573 as on Sept. 6 from lows of Rs 71.7 in September last year. The open offer price is at a discount of 40% to NDTV's current market price.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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