By the end of December 2, nearly 32% of the shares of the media company New Delhi Television (NDTV) had been subscribed to the Adani Group's open offer. The November 22 open offer is scheduled to end on December 5, 2022. To buy an additional 26% share in NDTV, Vishvapradhan Commercial, AMG Media Networks, and Adani Enterprises filed an open offer. The 294 per equity share floor price for the offer has been set.
According to BSE data, over 53.28 lakh NDTV shares were subscribed to by Adani's open offer, accounting for 31.79% of the total size of the over 1.67 crore equity shares that were offered.
On Friday, NDTV shares decreased by 2.61% to close at 414.40 per share on the BSE. Its market capitalization is around 2,671.69 crore.
During the second quarter of FY23, Adani Enterprises successfully acquired Vishvapradhan Commercial. Adani launched an open offer to purchase 1.67 crore equity shares, or 26% of NDTV, totaling 492.81 crores with Vishvapradhan and AMG Media.
On November 22, the open offer was launched at a floor price of 294 rupees per share with a face value of 4 in NDTV.
The floor price represents a discount of more than 29% when compared to NDTV's current market pricing of $414.40 per unit. However, the open offer started a day before the launch at a discount of 23.2% from the market price of NDTV on November 21 (382.80 a share).
At the floor price, NDTV will gain 492.81 crores if the open offer is fully subscribed. The open offer, however, saw more than 156.64 crores at the floor price by the end of December 2. Cash is being exchanged in this transaction.
Adani had planned to launch the open offer on October 17 but postponed it because Sebi did not give its consent. However, Vishvapradhan Commercial later declared an open offer to purchase an additional over 1.67 crore equity shares, or 26%, along with AMG Media Networks and Adani Enterprises. After that, on November 7, Sebi granted its approval for the open offer.