On 21st November, the conglomerate owned by Adani group CEO billionaire Gautam Adani will make an open offer to the market to purchase an extra 26 percent of the media company’s New Delhi Television (NDTV) shares.
How Much Price Has Been Offered?
According to a notice from JM Financial, which is coordinating the offer on behalf of Adani Group companies and for which a price band of Rs 294 per share has been set, the offer will end on December 5.
The proposed Rs 492.81 crore open offer was accepted by India’s capital markets regulator SEBI last week, marking a significant development in the takeover conflict between Asia’s richest person and the broadcaster’s founders.
More on the Acquisition Bid Offered by Adani Group CEO
AMG Media Networks Limited, a wholly owned subsidiary of Vishvapradhan Commercial Private Limited (VCPL), exercised the right to acquire 99.5% of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV in August, triggering an acquisition bid. Over a decade ago, Adani acquired the company that had lent over Rs 400 crore to NDTV’s founders and acquired a 29.18% stake in the newsgroup in return for warrants.
In exchange for warrants that permitted the corporation to purchase a 29.18 percent ownership in the newsgroup, Adani had acquired the obscure business that had given the founders of NDTV over Rs 4 billion more than ten years ago.
Previously Open Offers Were Scheduled for October 17- November 1
On October 17, VCPL, which the Adani CEO acquired, declared that it would begin an open offer to acquire the additional 26 percent interest from NDTV’s minority shareholders. The offer was delayed because SEBI still needed to approve the open offer.
The open offer was planned to last from October 17 to November 1. The open offer will cost Rs 492.81 crore for Rs 294 a share if the open offer is fully subscribed.
The decision to acquire NDTV was made to further the Adani group CEO’s goal of creating an excellent next-generation media platform focused on the broadcast and digital segments. According to a statement made by the group’s parent company Adani Enterprises, in October, it was determined that NDTV is an appropriate broadcast and digital platform to carry out this vision.
Also Read :Gautam Adani, the First Asian to Rank in the Top 3 Richest People in the World
