Adani group's Rs 493-cr open offer for NDTV to start from Tuesday

Adani groups open offer to acquire an additional 26 per cent stake in the media firm New Delhi Television NDTV from the market would start from TuesdayThe offer for which a price band of Rs 294 per share has been fixed will open on November 22 and closes on December 5 said a notice by JM Financial the firm managing the offer on behalf of Adani Group firmsMarkets regulator Sebi on November 7 granted its approval to the proposed Rs 49281 croreopen offerThe conglomerate run by Indias richest man Gautam Adani in August acquired a littleknown company that lent over Rs 400 crore to NDTVs founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 2918 per cent in the newsgroup at any timePost that VCPL the firm that the Adani group bought out announced that it would launch an open offer on October 17 to buy an additional 26 per cent stake from minority shareholders of NDTV However the offer was delayed since Sebi had not given its approval to the open offerAlso Read India to be worlds 2nd largest economy by 2050 Gautam AdaniVCPL along with AMG Media Networks and Adani Enterprises Ltd had proposed to acquire an additional 26 per cent or 167 crore equity shares at an offer price of Rs 294 per shareIf fully subscribed the open offer will amount to Rs 49281 crore at a price of Rs 294 per shareThe decision to acquire NDTV was arrived at in furtherance of the Adani Groups objective to set up a credible nextgeneration media platform with an emphasis on digital and broadcast segments and that NDTV is a suitable broadcast and digital platform to deliver on this vision Adani Enterprises had said in a regulatory filing in OctoberOn Monday shares of NDTV closed at Rs 38220 on BSE down 5 per cent touching a lower circuitThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever