NDTV shares tank 5% as Adani Group open offer for additional stake kicks off

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NDTV shares fell 5 per cent in Tuesday’s trade after an open offer of Rs 493 crore by Adani group companies for an additional 26 per cent stake. The open offer was earlier scheduled to open on October 17.

NDTV shares fell 5 per cent to hit a low of Rs 363.10 on the BSE. The stock later traded at Rs 372.75, still down 2.47 per cent. The offer price for 1,67,62,530 shares has been fixed at Rs 294 per share. This is 21.12 percent less than the current market price. According to BSE and NSE, no shares of NDTV were tendered till 11.40 am.

SEBI had given its final comments on the proposed Rs 492.81 crore open offer on November 7.

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.

Meanwhile, shares of Adani Enterprises were trading at Rs 4,047.65, up 1.16 per cent.

Among the largest public shareholders of NDTV is LTS Investment Fund, which holds 9.75 per cent stake in the company. According to Trendline, LTS Investment Fund holds 12 domestic stocks worth Rs 17,993.60 crore and holds 1.1-1.7 per cent stake in three Adani group companies Adani Transmission, Adani Enterprises and Adani Total Gas.

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