The offer, , for which a price band of Rs 294 per share has been fixed, will close on December 5, according to a notice by JM Financial, which is managing the offer on behalf of Adani Group firms.
India’s capital markets regulator SEBI had last week approved the proposed Rs 492.81 crore-open offer, marking a key milestone in the takeover battle between Asia’s richest person and the broadcaster’s founders.
The acquisition bid was triggered after Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Netwrosk Limited, exercised the rights to acquire 99.5% of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV, earlier in August.
Adani had acquired the little-known company that lent over Rs 400 crore to NDTV’s founders more than a decade ago in return for warrants that allowed the company to acquire 29.18 percent stake in the newsgroup.
VCPL, which the Adani group bought out, had announced that it would launch an open offer on October 17 to buy the additional 26 percent stake from minority shareholders of NDTV. However, the offer was delayed since Sebi had not given its approval to the open offer.
The open offer was scheduled earlier to run from October 17-November 1.
If fully subscribed, the open offer will amount to Rs 492.81 crore at a price of Rs 294 per share.
“The decision to acquire NDTV was arrived at in furtherance of the Adani Group’s objective to set up a credible next generation media platform with emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision,” Adani Group’s flagship firm Adani Enterprises had said in October.
NDTV’s shares closed at Rs 382.20 on the BSE today, down 5 percent, hitting a lower circuit.
(with PTI inputs)