LTS Investment Fund sells 5,46,379 shares of NDTV in a bulk deal
1 min read . Updated: 08 Dec 2022, 09:12 AM IST
PremiumOn Tuesday, 4,71,698 shares of NDTV were sold in a bulk transaction by the Mauritius-based Vikasa India EIF Fund
On Wednesday, LTS Investment Fund sold 5,46,379 shares of New Delhi Television Limited (NDTV) in a bulk deal at a price of ₹358.53. LTS is the multi-holding and investment platform of a group of partners listed on the National Stock Exchange (NSE).
On Tuesday, 4,71,698 shares of NDTV were sold in a bulk transaction by the Mauritius-based Vikasa India EIF Fund.
Despite a significant discount from the stock's current trading price, investors submitted nearly 32% of NDTV's shares as part of billionaire Gautam Adani's group open offer, which ended on Monday.
By the end of Monday's trading hours, the Adani group had purchased nearly 53.27 lakh NDTV shares in the open market at a price range of 294, according to exchange data.
Following its indirect acquisition of promoter group company RRPR Holdings, the Adani group launched the open offer to purchase 1.67 crore shares, or 26% of the equity, from the minority investors in NDTV. This information is available on the BSE website.
On Monday, NDTV shares reached their settlement price of ₹393.90 per share, which was nearly 34% higher than the offer price. On September 5, 2022, NDTV shares reached a high of ₹540.85 in the previous three months.
The shares that have been tendered so far represent a shareholding of 8.26% in NDTV. The ports-to-energy conglomerate would hold 37.44% of the company, which is higher than the founders' (Pronnoy Roy and Radhika Roy) 32.26% holding. Adani Group already owns 29.18 percent of the company.
Markets regulator Sebi had on November 7 granted its approval to the proposed ₹492.81 crore-open offer.
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Prior to Adani group's hostile takeover, promoters held 61.45% stake in NDTV. This included 1.88 crore shares or 29.18% held by RRPR Holding Pvt Ltd.
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