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Committed to completing open offer for NDTV stake: Adani Group

The open offer was supposed to launch on October 17, as per the advertisement by JM Financial, the firm which is managing it on behalf of Adani

Committed to completing open offer for NDTV stake: Adani Group
Adani Group’s plans for the open offer for NDTV is yet to be get market regulator’s approvals, as clarifications were sought from the merchant banker to the offer. (Reuters file photo)

The Adani Group said on Wednesday that the firm is committed to completing its earlier announced open offer to acquire a 26% stake in New Delhi Television (NDTV) and has asked market regulator for comments.

Vishvapradhan Commercial Private (VCPL) re-affirms its commitment to complete the open offer process, and Sebi has been requested to provide its observations on the draft letter of offer filed, Adani Enterprises (AEL) said in a regulatory update. VCPL is an indirect subsidiary of AEL.

Also Read: NDTV says share transfer needs I-T dept nod, Adani rejects

“While the underlying transaction has not been consummated due to the stance being taken by RRPR (the promoter of NDTV), VCPL is committed to its vision and intends to proceed with the open offer…,” it added.

Adani Group’s plans for the open offer is yet to be get market regulator’s approvals, as clarifications were sought from the merchant banker to the offer.

The open offer was supposed to launch on October 17, as per the advertisement by JM Financial, the firm which is managing it on behalf of Adani. The filing said JM Financial addressed the letter to Sebi on October 19, 2022, on behalf of VCPL. The open offer would tentatively close on November 1, JM Financial informed earlier.

NDTV shares closed at Rs 332.90 apiece on the BSE on Wednesday, a 13% premium to open offer price of `294 per share.

Also Read: Takeover of NDTV by India’s richest man worries journalists

Adani Group’s open offer would ultimately lead the group acquiring a controlling 56% stake in NDTV. The group had earlier said that the date “indicative” was subject to approvals of Sebi, and was likely to be revised.

On August 23, Adani Group, helmed by billionaire Gautam Adani, initiated an attempt to acquire a total of 55% stake in NDTV through multi-layered transactions. This was perceived as a hostile takeover bid as the news media firm responded immediately through a stock exchange notice, stating the move was without its consent.

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