After acquiring 29.18 per cent in the media company, the open offer by the Adani group to acquire another 26 per cent in New Delhi Television Ltd (NDTV) was keenly followed – open on Tuesday, even though the offer price is at market value. Much less than
Shares of NDTV closed at Rs 383 on Tuesday, about 30 per cent higher than the open offer price of Rs 294 per share. During intra-day trading on Tuesday, NDTV stock touched a low of Rs 363.10 before recovering the day’s losses and ended on a marginally positive note.
Market participants remain divided on the likely outcome of the offer in terms of the number of shares that could be raised from the market by the Adani group, with both Adani and Roy a big question mark over the future of the listed firm – Prannoy Roy and wife Radhika Roy – holds a significant stake in the company.
Prannoy and Radhika hold 15.94 per cent and 16.32 per cent stake, respectively, in NDTV.
“The NDTV promoter family will have to reach an agreement with the Adani group on how the company will be managed. “Adani is now a significant shareholder, so fighting back won’t be easy,” says Sriram Subramanian, founder of Ingovern Research Services, a proxy advisory firm.
Meanwhile, in the context of the open offer, experts are of the view that it is unlikely that shareholders will tender their shares unless an institutional shareholder enters into some kind of understanding with the acquired entity i.e. Adani Group. Have you done
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