SEBI approves purchase of additional 26 percent stake in NDTV
According to information available on the Securities and Exchange Board of India’s (Sebi) website, the market regulator on November 7 gave its final comments on the proposed offer of Rs 492.81 crore for an additional 26 per cent stake in NDTV.
The open offer will open on November 22 and close on December 5. According to the information given to the stock market recently by NDTV, the price of the open offer has been fixed at Rs 294 per share.
Gautam Adani-led Adani Group had announced the acquisition of Vishwapradhan Commercial Private Limited (VCPL) in August last. VCPL had given over Rs 400 crore as loan to the founders of NDTV a decade ago. Against this loan, a provision was kept for the lender to take 29.18 percent stake in NDTV at any time.
Following the takeover by the Adani Group, VCPL had announced on October 17 that it would make an open offer to buy an additional 26 per cent stake from minority shareholders of NDTV.
AMG Media Networks and Adani Enterprises Ltd along with VCPL will buy this 26 per cent stake. Under the open offer, 1.67 crore shares will be offered at a price of Rs 294 per share. The size of the open offer, if fully subscribed, will be Rs 492.81 crore.
