The open offer by Adani Group to acquire equity shares of New Delhi Television Limited (NDTV) is witnessing a steady inflow of shares on a daily basis, with a total of 39.35 lakh equity shares already tendered till Friday.
This represents 23.48 per cent of the maximum offer size of approximately 1.68 crore equity shares. The open offer price has been fixed at Rs 294.
Interestingly, the market value continues to rise and is currently about 32 per cent higher than the open offer price, yet the shares in the open offer continue to be tendered.
On Friday, NDTV shares closed at Rs 386.80, up 5 per cent or Rs 18.40.
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.
If the total equity base of the media major is taken into account, the cumulative shares offered in the open offer represent 6.10 per cent stake in the listed entity.
The open offer will close on 5th December.