Adani Group’s open offer to acquire further stake in media major New Delhi Television Ltd (NDTV) is witnessing action for the third day as nearly 9.7 lakh equity shares – 9,69,271 – to be exact – continue to float shares. Despite this tenders were done. To trade at a significant premium to the offer price.
Data from the stock exchanges showed that 27.72 lakh shares have been tendered in the offer till Thursday, the third day of the open offer, which will close on December 5.
The cumulative number of shares tendered so far represents 16.54 per cent of the maximum offer size of approximately 1.68 crore equity shares. The open offer price has been fixed at Rs 294.
Meanwhile, on Thursday, NDTV shares gained 2.65 per cent or Rs 9.50 and closed the session at Rs 368.40. Incidentally, the benchmark Sensex touched a fresh all-time high of 62,412.33 during intra-day trading before closing 1.24 per cent or 762.10 points higher at 62,272.68.
The open offer has been launched after Adani Group indirectly acquired 29.18 per cent stake in the media company by acquiring shares of Vishwapradhan Commercial Pvt Ltd, which, in turn, acquired shares of RRPR Holding Pvt Ltd, a promoter group company. of NDTV.