Adani Group to pay more for NDTV shares bought under open offer

Shareholders who relinquished their NDTV shares in Adani Group's open offer would receive an additional Rs 48.65 per share, raising the total price per share to Rs 342.65

On Tuesday, Gautam Adani’s company announced that it would pay NDTV investors who submitted shares in its open offer, an extra Rs 48.65 per share to help equal the price it had paid to acquire the founders’ shareholding in the news broadcaster.

Adani Enterprises announced in a stock exchange filing that it would pay investors who had sold their shares in an open offer between November 22 and December 5 an additional Rs 48.65 per NDTV share, bringing the payout to 342.65 rupees per share and matching what it had paid to acquire Prannoy Roy and Radhika Roy’s stake.

The company claimed in a filing with the exchange on Tuesday that the payment will be finished by February 28, 2023.

Adani stated that correspondence to shareholders would be sent through KFin Technologies (the open offer’s registrar) by Adani Enterprises subsidiary Vishvapradhan Commercial Pvt Ltd (VCPL).Adani Group purchased VCPL through AMG Media Networks, for around Rs 113.75 crore.

According to SEBI’s takeover regulations, all shareholders who contributed shares in the issue should get the higher post-offer price if the acquirer who issued the open offer purchases shares of the company at a price higher than the open issue price within 26 weeks of its close. 25 days after the open offer ended, the Roys sold their interest to the Adani Group.

In the meantime, losses in the equities of companies that manufacture cars, consumer products, and metals caused the Indian market indexes to decline during choppy trading.

In the afternoon trades, five of the seven listed Adani Group stocks experienced declines. Despite general weakness in the domestic benchmarks, Adani Green Energy and Adani Total Gas increased by as much as 1.22 percent.

NDTV’s stock increased on Tuesday to reach Rs 344.65.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

Scroll to Top