Adani open offer for NDTV: Over 18 lakh shares tendered on Day 2

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About 18.03 lakh shares were offered on the second day of the open offer by Adani Group for acquisition of shares of New Delhi Television Limited (NDTV), even though the offer price was much lower than the market value.

A total of 18,02,888 equity shares were offered on Wednesday, which was 10.76 per cent of the maximum offer size of about 1.7 crore equity shares, stock exchange data showed.

If the total number of equity shares of the media major is taken into account, the quantum of shares offered on Wednesday is equivalent to around 2.8 per cent of the company.

On Wednesday, shares of NDTV ended the day at Rs 358.90, down 4.61 per cent or Rs 17.35, which is still much higher than the open offer price of Rs 294 per share.

This is considered significant as it was widely believed that the Adani group would not manage to acquire any more shares in the open offer due to the deep discount to the offer price as compared to the current market price.

As per the latest shareholding structure of NDTV, a total of 11 foreign portfolio investors (FPIs) hold a cumulative stake of 14.72 per cent in the company. Incidentally, LTS Investment Fund, which has stakes in other Adani group entities, holds 9.75 per cent or 62.85 lakh shares in NDTV.

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.

Offer will be open till 5th December.

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