Adani Group’s open offer for NDTV closes with 32% subscription

Adani Group’s open offer closed with investors tendering nearly 32% of the share capital of New Delhi Television Ltd.

Billionaire Gautam Adani-controlled companies have received offers for 53.27 lakh shares, according to data available on the National Stock Exchange website.

The group launched an open offer to acquire 1.67 crore shares, or 26% of equity, from NDTV’s minority investors at Rs 294 apiece.

The shares tendered so far represent 8.26% shareholding of NDTV. Together, with 29.18% stake the Adani Group has already acquired indirectly through acquisition of Vishvapradhan Commercial Pvt., the ports-to-energy conglomerate would have 37.44% stake. That’s higher than the 32.26% holding of founders Prannoy Roy and Radhika Roy.

Last week, the Adani Group-owned Vishvapradhan Commercial Pvt. took control of NDTV’s promoter group entity RRPR Holding Ltd. The Adani Group had indirectly acquired RRPR Holding through its buyout of Vishvapradhan Commercial—the deal that had triggered the open offer.

RRPR Holding issued equity shares constituting 99.5% of its equity share capital to Vishvapradhan Commercial on Nov. 28, according to an NDTV exchange filing. Bloomberg