Adani Group’s open offer to acquire an additional 26% stake in New Delhi Television Ltd from public shareholders will now open on Nov 22 and close on Dec 5, NDTV said in a draft letter of offer sent to stock exchanges.
The open offer was earlier scheduled to commence on Oct 17.
The open offer from Vishvapradhan Commercial Pvt Ltd, AMG Media Networks Ltd and Adani Enterprises Ltd, which are subsidiaries of Adani Group, was triggered after Adani Enterprises indirectly acquired 29% stake in NDTV in August.
Through the open offer, Adani Group will acquire up to 16.76 mln shares, representing 26% stake in NDTV, at 294 rupees a share, leading to a total consideration of 4.9 bln rupees. If successful, this will give Adani Group a majority stake in NDTV.
As per the draft offer document, the last date for Adani Group to raise the price of the open offer is Nov 18.
Adani Enterprises acquired Vishvapradhan Commercial in August. The company had lent money to NDTV’s promoter group company RRPR Holding more than a decade ago.
After the acquisition, Adani Enterprises converted the loan Vishvapradhan Commercial had advanced to RRPR Holding into equity.
However, NDTV promoters Prannoy Roy and Radhika Roy, who own RRPR Holding, said the deal was conducted without their consent and that it would require approval from the Securities and Exchange Board of India and the income tax authority.
On Friday, shares of NDTV ended 2.5% lower at 357.85 rupees on the National Stock Exchange, while those of Adani Enterprises closed 0.4% higher at 4,008.85 rupees.
With inputs from Agencies
