Adani Group has announced the new date for the proposed open offer to buy a 26% (1.67 crore shares) additional public stake in media firm NDTV. The news broadcaster has given this information in a filing to the stock exchanges (BSE-NSE).
According to the filing, Adani Group's open offer will now open for subscription on November 22 and close on December 5. Earlier, the Adani Group had fixed the previous timeline for the open offer from October 17 to November 1.
The open offer price has been fixed at Rs 294 per share. 294 if Rs. If it is fully subscribed at the cost of Rs. This open offer is Rs 492.81 crore.
On August 23, the Adani Group acquired a 29.18% stake in NDTV through the acquisition of VCPL, which holds a 99.99% stake in RRPR Holding. Subsequently, the Adani Group firms - Vishwapradhan Commercial Private Limited (VCPL) have proposed to acquire an additional 26% along with AMG Media Networks and Adani Enterprises.
Following the announcement of acquiring a 29.18% stake in NDTV, NDTV had said that the deal cannot proceed without SEBI's permission. He said that in an order passed on November 27, 2020, SEBI had banned the founders of NDTV - Radhika and Prannoy Roy from the securities market for 2 years. This ban will end on 26 November 2022.
However, the Adani Group rejected NDTV's claim. He said the promoter unit RRPR is not part of the holding regulator's order barring founder promoters Prannoy and Radhika Roy from trading in the securities market. VCPL had said that RRPR is not a party to the SEBI order dated November 27, 2020, and the restrictions do not apply to it.
