Adani Group fixes Oct 17 as tentative date for NDTV’s open offer | The Financial Express

Adani Group fixes Oct 17 as tentative date for NDTV’s open offer

The offer would tentatively close on November 1, according to a public announcement by JM Financial, the manager to the issue.

Adani Group has fixed October 17 as the tentative commencement date for New Delhi Television’s (NDTV) open offer, pursuant to the group’s plans to acquire a 29.18% stake in the media firm.

The offer would tentatively close on November 1, according to a public announcement by JM Financial, the manager to the issue.

Pursuant to the open offer, assuming full acceptance in the open offer, the acquirer, shall acquire up to 26% of the voting share capital of NDTV, it added.

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On August 23, Adani Group initiated a move to acquire a 29.18% stake in the media firm, and launch an open offer for another 26%. The group helmed by Gautam Adani plans to acquire a total of 55% stake in NDTV through multi-layered transactions, to be executed through its subsidiaries.

The media firm had termed this a hostile attempt, saying that it was not aware of the development till it got the notice. Adani also asked promoters of NDTV to transfer all its stake to an Adani group company “within two days”.

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