NDTV shares fall 5%; Adani group’s open offer closes today

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NDTV shares fell nearly 5 per cent in Monday’s trade on the last day of an open offer by Vishwapradhan Commercial Pvt, AMG Media Networks and Adani Enterprises Ltd for an additional 26 per cent stake in the media firm. The scrip fell 4.68 per cent to hit an intraday low of Rs 395 on the BSE. A total of 21,000 NDTV shares changed hands so far as against the two-week average of 59,000 shares. As against buy orders of 3,483 shares, there were sell orders of 17,218 shares at 10.30 am on BSE.

Against the issue size of 16,762,530 shares, the open offer received bids for 53,27,522 shares (32 per cent of the size) at an offer price of Rs 294 per share. Data shows that 6,86,000 shares were submitted by qualified institutional buyers, 39,34,828 shares by corporates under non-institutional category and 7,06,694 shares by individuals.

SEBI gave its final comments on the proposed Rs 492.81 crore open offer on 7 November. The open offer began on 22 November.

In the last quarter, AMG Media Networks, a wholly owned subsidiary of the Adani Group, acquired 100 per cent stake in Vishwapradhan Commercial Pvt. VCPL held warrants of RRPR Holding Pvt Ltd (RRPR), the promoter company that holds 29.18 per cent stake in NDTV.

AMG Media Networks and Adani Enterprises along with Vishwapradhan Commercial are now looking to acquire additional stake in the media firm through an open offer. Prannoy Roy and Radhika Roy held 16.32 per cent and 15.94 per cent, respectively, in NDTV as of September 30.

Among the largest public shareholders of NDTV is LTS Investment Fund, which holds 9.75 per cent stake in the company. LTS Investment Fund holds 12 domestic stocks worth Rs 16,966 crore and holds 1.1-1.7 per cent stake in three Adani group companies, Adani Transmission, Adani Enterprises and Adani Total Gas, according to publicly available data with Trendline. LTS investments likely exited Adani Power in the September quarter, according to Trendline data.

Read also: Roy family exits RRPR but still part of Adani-controlled NDTV

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