The Adani group’s open offer to NDTV shareholders came to an end today, with 31.79 percent shares of the 167 lakh shares in the open offer subscribed. This is approximately 8.26 percent of the company’s total shares.
NDTV’s promoter, RRPR Holding Private Ltd, has already transferred 99.5 percent shares to Adani’s VCPL. So, along with the RRPR shares, the Adani group is now the majority shareholder in NDTV, holding 37 percent of the company. Until now, Radhika and Prannoy Roy had been NDTV’s largest shareholders with 32 percent.
The Roys had resigned as directors of the board of RRPR on November 29. Subsequently, Sudipta Bhattacharya, the chief technology officer of Adani group; Sanjay Pugalia, senior journalist and CEO of Adani's AMG Media Network; and journalist Senthil Sinniah Chengalvarayan took over as directors of the board.
The open offer began on November 22 and concluded today. Over 53 shares have been tendered by NDTV shareholders. NSE data indicates that corporate investors offered the most with 39 lakh shares. Retail investors have tendered over 7 lakh shares and qualified institutional buyers the remaining 6 lakh shares. The names of the shareholders who subscribed have not been disclosed.
However, the shares being offered in the open offer have been at a steep discount. While the share price in the open offer is 294, NDTV has been trading at much higher than that in the open market at 426. Read our report on Newslaundry to find out what this means. In the market, NDTV is currently trading at 390.
Newslaundry is a reader-supported, ad-free, independent news outlet based out of New Delhi. Support their journalism, here.
