Nearly 28 lakh shares were tendered by shareholders of NDTV under the Adani group's open offer at the end of the third day on Thursday.
Adani group's open offer to acquire an additional 26% stake in the media firm New Delhi Television started on Tuesday.
According to the data from BSE, a total of 27,72,159 NDTV shares amounting to 16.54% of the offer size were tendered by the shareholders by 1600hrs on Thursday.
Adani's offer price is Rs 294 per share, while NDTV shares settled at Rs 368.40 on Thursday, which is 25.3% higher compared to the offer price.
In the last three months, NDTV shares reached a high of Rs 540.85 on Sep. 5.
The offer closes on Dec. 5, a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms, said.
Markets regulator SEBI on Nov. 7 granted its approval to the proposed Rs 492.81-crore open offer.
The conglomerate, run by India's richest man Gautam Adani, in August acquired a little-known company that lent over Rs 400 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18% in the newsgroup at any time.
Post that, VCPL—the firm that the Adani group bought out—announced that it would launch an open offer on Oct. 17 to buy an additional 26% stake from minority shareholders of NDTV. However, the offer was delayed since SEBI had not given its approval to the open offer.
VCPL along with AMG Media Networks and Adani Enterprises Ltd. had proposed to acquire an additional 26% or 1.67 crore equity shares at an offer price of Rs 294 per share.
If fully subscribed, the open offer will amount to Rs 492.81 crore at a price of Rs 294 per share.
On Thursday, shares of NDTV closed at Rs 368.40 on BSE, up 2.65%.
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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