Adani Group sets Oct 17 as start date for NDTV open offer

NEW DELHI: Shares of plunged 5 per cent in Thursday's trade after , on behalf of Adani entities, filed a draft letter of offer (DLOF) with Sebi for the proposed open offer of 26 per cent stake in NDTV.

The stock hit its 5 per cent lower circuit limit to Rs 463.80 on BSE.

The last date for the public announcement for competing offers stands at September 21 and, if everything goes right, the tendering period for open offer will commence on October 17.

The company intends to make a cash offer at a price of Rs 294 per share to acquire up to 16,762,530 shares, representing a 26 per cent stake.

VCPL, a wholly owned subsidiary of Adani firm AMG Media Networks, had exercised warrants to acquire a 99.5 per cent stake in RRPR Holdings. RRPR in turn holds a 29.18 per cent stake in NDTV. Prannoy Roy and Radhika Roy still hold a 32.26 per cent stake in the company. The move triggered an open offer to acquire up to a 26 per cent stake in NDTV according to Sebi's takeover regulations.

Among NDTV's biggest public shareholders is LTS Investment Fund, which owns a 9.75 per cent stake in the company. As per Trendlyne, this FPI held 13 domestic stocks worth Rs 19,530.70 crore and has a 1.1-1.7 per cent stake in four Adani group companies such as , , and .

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