Diversified business conglomerate Adani Group is all set to become the largest shareholder in media major New Delhi Television Ltd (NDTV) as the open offer closed on Monday, with a total of 5.33 million equity shares tendered.
With its earlier acquisition of 29.18 per cent in NDTV through Vishwapradhan Commercial Private Limited (VCPL), the Gujarat-headquartered conglomerate will now own 37.5 per cent stake in the media company.
The total quantum of 5.33 million equity shares offered in the open offer account for 8.3 per cent of the total equity capital of NDTV.
The open offer by Gautam Adani-led Adani Group for 26 per cent stake in NDTV sprung a surprise.
Of the 16.76 million shares, 5.33 million or 32 per cent of the total offer size were tendered, even though the offer price was pegged at ₹294 per share, as against the prevailing rate in the market at ₹393.90, as on December 5, the last day. Open offer.
NDTV’s list of shareholders includes little-known names like Confirm Realbuild, Aadesh Broking House, Grid Securities and Drolia Agencies, each of which owns more than one per cent, taking their cumulative stake to 7.13 per cent or close to 4.6 million shares. It is calculated.
Of these, only Drolia Agencies and Aadesh Broking House hold shares for at least a year, while the other two entities are newbies.
In August, the Adani group had indirectly acquired a 29.18 per cent stake in NDTV – a company promoted by Prannoy Roy and Radhika Roy – by acquiring shares of VCPL – which, in turn, had a 99.5 per cent stake in RRPR Holding, a promoter group. company.
Both Prannoy Roy and Radhika Roy resigned from the board of RRPR Holdings on 29 November. Sudipta Bhattacharya (CEO of Adani Group North America and CTO of Adani Group) along with media veterans Sanjay Puglia and Senthil Chengalvarayan were appointed directors in the firm.
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