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Sebi approves Adani Group’s open offer for a 26% stake in NDTV

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Market regulator Sebi has approved Adani group‘s open offer to buy an additional 26 percent stake in media company New Delhi Television (NDTV) and the offer starts on November 22.



According to an update on Sebi’s website on Monday, the regulator issued its final comments on the proposed Rs 492.81 crore open offer on Nov. 7.

The offer provisionally opens on November 22 and closes on December 5. The fixed price is Rs 294 per share, as per a recent registration filing by NDTV.

The conglomerate, led by India’s richest man Gautama Adaniacquired a little-known company in August that lent more than Rs 400 crore to the founders of NDTV more than a decade ago in exchange for warrants that allowed the company to acquire a 29.18 per cent stake in the newsgroup at any time.

Post that, Vishvapradhan Commercial Pvt Ltd (VCPL) – the company that Adani group – announced it would launch an open offer on October 17 to purchase an additional 26 percent stake from minority shareholders of NDTV. However, the offer was delayed because Sebi had not approved the open offer.

VCPL along with AMG Media Networks and Adani Enterprises Ltd had proposed acquiring an additional 26 per cent or 1.67 crore shares at an offer price of Rs 294 per share.

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 made in furtherance of Adani Group’s objective of establishing a credible next-generation media platform with an emphasis on digital and broadcast segments, and that NDTV be a suitable broadcast and digital platform is to make this vision a reality,” Adani Enterprises said in an October regulatory filing.

On Monday, shares of NDTV closed 1.99 percent higher at Rs 365.85 on BSE and Rs 364.50 on NSE.

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