Adani's open offer to acquire 26% more in NDTV gets Sebi approval

The Securities and Exchange Board of India has approved the Adani Group's proposal to make an open offer to acquire an additional 26% stake in New Delhi Television from the media company's public shareholders, according to information posted on the regulator's website on Monday.

The offer will open on November 22 and close on December 5. Earlier, the timeline for the open offer was October 17 to November 1.

If 26% shares are tendered at the floor price of ₹294 a share, the offer will cost ₹493 crore.


On Monday, shares of NDTV closed at ₹365.85 on the BSE. The success of the open offer will depend on whether Adani raises the offer price, analysts said. The last day for an upward revision of the price is November 18.

In August, the Adani Group said its subsidiary, AMG Media Networks, bought Vishvapradhan Commercial Pvt Ltd (VCPL), which had lent ₹403.85 crore to RRPR Holding, a promoter group company of NDTV. This entity holds a 29.18% stake in NDTV. RRPR had issued warrants to VCPL that allowed it to convert the warrants into a 99.9% stake in RRPR in case the loan was not paid back.

VCPL, now a wholly owned subsidiary of Adani Group firm AMG Media Networks, has exercised the warrants to acquire 99.5% stake in RRPR Holdings.