Adani Group will launch its open offer for acquiring an additional 26 percent stake in media firm New Delhi Television Ltd (NDTV) from October 17 to November 1, JM Financial, which is managing the offer, said in the Draft Letter of Offer (DLOF) filed with the Sebi on September 7.
The open offer for acquisition of up to 1.67 crore equity shares, for which a price of Rs 294 per share has been fixed, will amount to Rs 492.81 crore, if fully subscribed.
The Adani Group, run by Gautam Adani, on August 23 unveiled plans to acquire a majority stake in the news network, through the acquisition of VCPL, which holds a 99.99 percent stake in RRPR Holding, a promoter entity of NDTV.
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VCPL had issued a loan of Rs 403.85 crore to RRPR Holding in 2009-10. Against this amount, convertible warrants were issued to the lending entity by RRPR, which holds a 29.18 percent stake in the news channel company.
With the warrants, VCPL had the right to convert them into a 99.9 percent stake in RRPR in case the loan was not repaid. Adani Group first acquired VCPL from its new owner and exercised the option to convert unpaid debt into a 29.18 percent stake in NDTV.
Here’s tentative schedule of major activities related to the offer as per the DLOF:
August 23
Issue of Public Announcement
August 30
Publication of the DPS in newspapers
September 07
Last date for filing of the Draft Letter of Offer with SEBI
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September 21
Last date for public announcement for competing offer(s)
September 28
Last date for receipt of SEBI observations on the draft Letter of Offer (in the event SEBI has not sought clarifications or additional information from the Manager to the Offer)
September 30
Identified Date* for determining shareholders to whom LOF shall be sent
October 10
Last date by which the Letter of Offer is to be dispatched to the Public Shareholders whose name appears on the register of members on the Identified Date, and to Stock Exchanges and Target Company and Registrar to issue a dispatch completion certificate
October 13
Last date by which the committee of the independent directors of the Target Company shall give its recommendation to the Public Shareholders for this Offer
October 13
Last date for upward revision of the Offer Price / the size of the Offer
October 14
Date of publication of opening of Offer public announcement in the Newspapers
October 17
Date of commencement of the tendering period
November 01
Date of closure of the tendering period (“Offer Closing Date”)
November 16
Last date of communicating the rejection/ acceptance and completion of payment of consideration or return of Equity Shares to the Public Shareholders
November 23
Last date for publication of post-Offer public announcement in the Newspapers
November 23
Last date for filling the post Offer report with SEBI
*The Identified Date is only for the purpose of determining the Public Shareholders to whom the Letter of Offer would be sent in accordance with the SEBI (SAST) Regulations. It is clarified that all Public Shareholders are eligible to participate in the Offer any time during the Tendering Period
